New Swedish Coalition Government Proposes Sweeping Tax Cut Plan

Sweden has been much in the news recently following the comments by Rep. Alexandria Ocasio-Cortez that her proposal to boost the top income tax rate in the U.S. to 70 percent is based on the tax policies in the Scandinavian nation. According to a recent Reuters news report, it would seem that Sweden is trying to reverse its reputation for high taxes. After four months of attempting to build a coalition government, Reuters reports that “Prime Minister Stefan Lofven’s Social Democrats have agreed to a draft policy deal with the Centre, Liberal and Green parties” that “would cut taxes for wage-earners and companies.” Below are key reforms outlined in the draft agreement according to Reuters. “A broad tax reform is to be implemented that would lower taxes on income and enterprise. The reform includes an agreement to cut marginal tax rates and raise the threshold at which people start to pay the higher rate of tax. “While income taxes are…

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