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The government will reduce the wealth tax in the state budget by 2021. This makes Jonas Gahr Støre and Hadia Tajik look red.
The case is being updated
The government spends NOK 1.37 billion on wealth tax cuts on working capital in the state budget for 2021. NTB writes.
– It is a scandal that Erna Solberg continues to cut taxes for those who have the most when the most important task now is to get more people to work, Tajik tells VG.
The news comes just days after a report states that the wealth tax increase creates more jobs. In the government’s proposal, it is proposed to reduce the wealth tax on working capital from 35 to 45 percent. That is, a discount for the valuation of shares and fixed assets.
The change will mean that the wealth tax will be calculated at 55 percent of the value of this type of capital, according to the channel. Also in the revised national budget, the discount on the value of working capital was increased, then from 25 to 35 percent.
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– A tax scandal
Jonas Gahr Støre is also not impressed with the government’s budget proposal. He believes the government prioritizes tax cuts for the wealthiest over getting the young to work.
– Even in times of crisis, the government prioritizes giving gift packages to the wealthiest rather than putting people to work, avoiding cuts in social assistance in municipalities and improving the situation of ordinary people. This is nothing short of a tax scandal, says Labor leader Jonas Gahr Støre.
SCANDAL: Jonas Gahr Stør is far from impressed with the government’s budget proposal. Photo: Terje Bringedal, VG
In a press release from the Ministry of Finance, Finance Minister Jan Tore Sanner writes that the reduction will be significant for Norwegian companies.
– Lower taxes on working capital make it more profitable to invest in Norwegian-owned businesses and jobs across the country. It is important at a time when Norwegian companies must overcome the crisis and move forward, writes Sanner.
Tajik believes that change is the recipe for increasing differences.
– They do not take seriously that the differences have increased. Erna Solberg’s legacy for eight years is twice as many disabled youth and soon twice as many billionaires. This is not what Norway needs now.
The leader of the Red, Bjørnar Moxnes believes that the government is the weak one at the end of the queue.
– Tax cuts for the economic elite were the first thing the government promised for this budget, and now they are fulfilling it. At the same time, the government constantly pushes those who have been left unemployed and those who have been in the front line during the crisis to the end of the line, Moxnes says.
Property tax and reduced income tax
In addition to the changes to the wealth tax, the government plans to lower the maximum property tax rate on residential and leisure properties.
– The property tax on ordinary homes can be a financial burden for many. So the government has cut the top rate for home and cabin owners nearly in half during this term of office, from 7 to 4 per thousand, says Sanner.
Starting in 2020, the maximum rate for residential and leisure property was lowered from 7 to 5 per thousand.
If you have income, you can also expect a slight reduction in income tax. But it is the top earners who get the highest tax exemption.
People with incomes between 300,000 and 400,000 crowns a year get a tax reduction of 300 crowns, while people with incomes between 500,000 and 600,000 get a reduction of 500 crowns.
If you earn more than NOK 1 million a year, you will receive an average tax cut of NOK 3,400 next year, according to the budget proposal.
