Tax Minister Rasmus Stoklund (S) believes that there is a sensible balance in the personal tax reform, which the SVM government agreed upon with four parties. (Archive photo). Photo: Mads Claus Rasmussen/Ritzau Scanpix
Tax cuts for 3.3 million Danes imminent
In January, 3.3 million Danes will feel the impact of a personal tax reform for the first time, seeing reductions such as one single parent saving 7,400 DKK annually. The reform, passed over a year ago with multi-party support, includes raises to the employment deduction rate and the maximum deduction. Additionally, the extraneous employment contribution for single parents will increase. Despite criticisms from parties like Green Left and the The Red/Green Alliance for favoring certain income groups similarly, Tax minister Rasmus Stoklund is pleased with the balance achieved. The overall relief totals over 10 billion DKK and is a result of compromise and broad support within the political landscape.