[ad_1]
Austria is gearing up for a general election this Sunday, with the next government facing economic challenges such as a contracting economy and above-average Inflation within the EU.
Here is a breakdown of what the main political parties are proposing in terms of economic policies:
FREEDOM PARTY – FPO
Leading the opinion polls, the far-right FPO is advocating for deregulation and lower taxes. Their proposals include:
– Reducing corporation tax for small businesses from 23% to 10%
– Eliminating a carbon emissions tax introduced in 2022
– Implementing price controls on essential items during times of severe Inflation
– Expanding renewable energy while acknowledging the continued need for Russian gas
– Increasing annual pension increments, particularly for small and minimum state pensions
AUSTRIAN PEOPLE’S PARTY – OVP
Following closely behind the FPO in polls, the ruling conservatives are also focused on lower taxes and reduced regulation. Their agenda includes:
– Gradually lowering employment taxes
– Ensuring that corporation tax is at least 0.5% lower than the EU average
– Decreasing the tax burden as a percentage of GDP to 40%
– Introducing automatic expiry dates on new regulations
– Implementing a policy to remove two regulations for every new one introduced
SOCIAL DEMOCRATS – SPO
Polling at around 20%, the leftist SPO aims to shift the tax burden from income to assets. Their proposals consist of:
– Reversing the reduction in corporation tax to bring it back to 25%
– Imposing special levies on energy companies and banks that have benefited from rising energy prices
– Transitioning the state holding company OBAG to support renewable energy investments
– Reducing dependence on Russian gas
– Trialing a four-day work week in collaboration with companies and unions
NEW AUSTRIA – NEOS
The liberal party, polling at about 10%, is advocating for:
– Lowering employment taxes to increase take-home pay for workers
– Abolishing capital gains tax on long-term stock market investments
– Supporting vocational education and apprenticeships
– Transitioning away from fossil fuels and Russian gas towards renewable energy sources
– Increasing the retirement age to account for longer life expectancy
THE GREENS
At 8% in the polls and part of the coalition since 2020, the Greens are promoting an active industrial policy and higher taxation on wealth. Their agenda includes:
– Reducing subsidies for harmful businesses to fund green infrastructure
– Expanding carbon emission taxes and climate bonuses
– Removing licensing requirements for certain professions
– Committing to sourcing all power from renewables by 2030
– Gradually reducing the work week to 35 hours once labor shortages are addressed.
[ad_2]
SOURCE
Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.