Monday, September 16, 2013

Sweden to cut income taxes for fifth time since 2006

Sweden's centre-right coalition government said on Monday it would cut income taxes for a fifth time since 2006, aiming to boost a sluggish economy and overcome a daunting lead for the opposition heading into elections next year.

The package of tax cuts will total 15 billion Swedish crowns $2.28 billion (1.43 billion pounds), comprising 12 billion in lower income taxes and 3 billion related to a raising of the threshold for incomes subject to central government as well as municipal taxation.

"If we do not use our strong public finances we risk losing jobs," Prime Minister Fredrik Reinfeldt told a news conference.

"What we propose now will generate 13,000 new jobs. Most experts are in agreement that this measure creates jobs."

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