Austria's Kurz Presents Tax Cuts to Counter Weeks of Scandal
- Package worth $7.3 billion targets low earners and pensions
- Kurz looking to draw attention away from nationalist partner
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Austrian Chancellor Sebastian Kurz presented tax cuts flagged as a signature project of his government coalition as he attempts to put weeks of scandals and outrage about his nationalist partner behind him.
The measures, elements of which have been presented piecemeal since January, total 6.5 billion euros ($7.3 billion) over three years, or 1.7 percent of economic output, the finance ministry said in a presentation in Vienna. Funded by budget surpluses and unspecified savings, the cuts will benefit very low earners and pensions from next year, all income taxes from 2021, and the headline corporate tax rate starting in 2022.