EconomyOct 12, 2024
Portugal proposes decade of tax breaks for young people to stem brain drain
In April, Portugal swore in a new center-right government. It inherited a huge problem, namely: how do you stop a brain drain that’s seen thousands of young people leave your country, at a time when your population is naturally aging and birth rates are hitting record lows?
The new prime minister, Luís Montenegro, has a radical proposal — a decade of super low taxes for people under 35.
Under the proposed scheme, young workers who earn less than €28,000 ($30,650) would enjoy a completely tax-free first year. They would then be exempted from 75% of tax until the fourth year, enjoy a 50% exemption in years five to seven, and a final 25% in years eight to ten.
See the full article here.
Dataset
Dataset | Annual net earnings of a full-time single worker without children earning an average wage | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Time frequency | Annual | ||||||||||
Statistical information | Three-year average | ||||||||||
Unit of measure | Purchasing power standard (PPS) | ||||||||||
TIME | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
GEO (Labels) | |||||||||||
European Union - 27 countries (from 2020) | 20,962.14 | 21,290.64 | 21,628.14 | 22,029.64 | 22,552.37 | 23,001.99 | 23,561.51 | 24,373.19 | 25,781.16 | ||
European Union - 28 countries (2013-2020) | 21,715.82 | 22,041.17 | 22,427.82 | 22,864.86 | 23,425.73 | ||||||
European Union - 15 countries (1995-2004) | 23,874.57 | 24,142.51 | 24,440.77 | 24,805.51 | 25,208.30 | 25,724.18 | |||||
Euro area – 20 countries (from 2023) | 22,922.46 | 23,230.70 | 23,536.76 | 23,888.50 | 24,350.99 | 24,722.06 | 25,255.20 | 25,999.75 | 27,376.44 | ||
Euro area - 19 countries (2015-2022) | 22,727.42 | 23,044.32 | 23,354.27 | 23,660.84 | 24,015.02 | 24,480.41 | 24,851.38 | 25,384.31 | 26,129.41 | ||
Belgium | 23,810.11 | 24,031.08 | 24,209.98 | 24,421.28 | 24,841.37 | 25,487.78 | 26,232.10 | 26,886.01 | 27,856.09 | 29,164.23 | |
Bulgaria | 7,529.02 | 8,122.72 | 8,778.30 | 9,395.03 | 9,987.01 | 10,629.75 | 11,304.93 | 12,163.77 | 13,416.92 | 14,733.26 | |
Czechia | 12,877.87 | 13,167.52 | 13,522.92 | 13,969.92 | 14,547.24 | 15,257.74 | 15,624.34 | 16,385.34 | 17,319.42 | 18,723.57 | |
Denmark | 23,756.52 | 23,994.74 | 24,043.02 | 24,360.88 | 24,872.85 | 25,565.90 | 26,207.77 | 26,750.65 | 27,528.40 | 28,028.45 | |
Germany | 25,759.37 | 26,114.68 | 26,603.91 | 27,083.57 | 27,820.37 | 28,602.15 | 29,141.44 | 29,718.29 | 30,568.11 | 32,449.80 | |
Estonia | 12,254.46 | 12,938.89 | 13,684.72 | 14,461.07 | 15,283.12 | 15,999.86 | 16,653.96 | 17,127.46 | 17,825.79 | 18,112.03 | |
Ireland | 25,348.28 | 25,119.72 | 25,240.62 | 25,596.35 | 25,926.54 | 26,180.83 | 26,310.60 | 26,369.80 | 26,705.66 | 28,077.60 | |
Greece | 17,686.59 | 17,655.61 | 17,646.01 | 17,321.83 | 17,116.70 | 17,193.18 | 16,885.93 | 16,925.32 | 16,965.20 | 18,248.62 | |
Spain | 20,560.09 | 21,173.94 | 21,587.42 | 21,972.75 | 21,979.54 | 22,159.32 | 21,821.83 | 21,903.51 | 22,069.36 | 23,196.51 | |
France | 23,623.89 | 23,906.98 | 23,955.36 | 23,953.84 | 24,027.18 | 24,329.39 | 24,469.84 | 24,874.15 | 25,544.34 | 26,930.99 | |
Croatia | 11,735.65 | 12,063.58 | 12,414.01 | 12,662.37 | 12,965.00 | 13,368.82 | 13,889.45 | 14,556.47 | 15,516.53 | ||
Italy | 19,549.34 | 19,667.29 | 19,860.63 | 20,120.76 | 20,401.52 | 20,714.50 | 21,319.09 | 22,066.04 | 22,998.74 | 23,616.55 | |
Cyprus | 21,987.52 | ||||||||||
Latvia | 7,950.87 | 8,590.73 | 9,165.72 | 9,789.18 | 10,367.62 | 11,050.90 | 11,752.10 | 12,756.58 | 13,985.85 | 15,124.04 | |
Lithuania | 9,171.84 | 9,761.05 | 10,389.40 | 11,134.26 | 11,968.74 | 13,075.19 | 14,233.49 | 15,421.47 | 16,655.94 | 17,668.09 | |
Luxembourg | 30,467.11 | 30,603.95 | 30,580.71 | 31,098.95 | 31,888.45 | 32,506.98 | 32,597.32 | 32,532.89 | 33,408.16 | 34,553.12 | |
Hungary | 10,506.25 | 10,756.64 | 11,035.78 | 11,509.54 | 12,207.94 | 13,039.04 | 13,788.86 | 14,369.36 | 15,456.92 | 16,633.27 | |
Malta | 19,397.70 | 19,333.82 | 19,513.33 | 19,841.06 | 20,243.20 | 20,935.76 | 21,649.45 | 21,711.42 | 21,431.69 | 21,620.83 | |
Netherlands | 28,331.97 | 28,929.05 | 29,697.16 | 30,432.72 | 30,790.68 | 31,374.60 | 32,343.22 | 33,505.92 | 34,790.41 | 36,488.52 | |
Austria | 25,267.89 | 25,671.43 | 26,456.06 | 27,211.66 | 27,915.27 | 28,192.90 | 28,764.55 | 29,500.23 | 30,763.79 | 32,611.43 | |
Poland | 13,118.38 | 13,715.90 | 14,257.98 | 14,762.91 | 15,326.51 | 16,131.30 | 16,974.87 | 17,536.36 | 18,700.53 | 20,444.37 | |
Portugal | 14,904.83 | 14,661.55 | 14,520.90 | 14,536.47 | 14,906.79 | 15,436.82 | 15,863.50 | 16,221.54 | 16,599.29 | 17,697.13 | |
Romania | 7,952.29 | 8,530.98 | 9,307.83 | 10,196.15 | 11,090.88 | 12,013.20 | 12,920.53 | 13,828.56 | 14,924.84 | 16,601.20 | |
Slovenia | 13,806.12 | 13,919.42 | 13,986.85 | 14,160.79 | 14,425.04 | 14,847.07 | 15,341.20 | 15,931.78 | 16,697.71 | 17,963.98 | |
Slovakia | 11,262.00 | 11,621.63 | 11,575.62 | 11,298.49 | 11,055.36 | 11,218.36 | 11,453.00 | 11,802.07 | 12,309.65 | 13,370.29 | |
Finland | 23,435.02 | 23,562.96 | 23,739.77 | 24,139.20 | 24,540.18 | 25,008.71 | 25,556.70 | 26,172.79 | 26,891.28 | 27,782.11 | |
Sweden | 25,854.43 | 25,980.29 | 26,023.48 | 25,920.09 | 25,919.66 | 26,096.00 | 26,379.92 | 26,788.92 | 27,498.46 | 28,589.02 | |
Iceland | 24,974.63 | 26,100.65 | 27,064.32 | 27,959.04 | 28,548.11 | 29,036.27 | 29,672.96 | 30,902.78 | 32,691.55 | 34,024.67 | |
Norway | 29,530.01 | 29,602.71 | 29,257.64 | 29,205.18 | 29,741.31 | 30,624.19 | 31,059.16 | 31,352.25 | 31,904.14 | 33,586.10 | |
Switzerland | 39,258.40 | 39,484.84 | 39,562.15 | 40,095.09 | 40,497.66 | 40,865.28 | 41,361.51 | 42,553.57 | 43,946.64 | 45,756.63 | |
United Kingdom | 26,197.01 | 26,260.29 | 26,566.52 | 27,272.16 | 27,954.33 | 28,834.18 | |||||
Türkiye | 10,818.79 | 11,430.29 | 12,204.39 | 12,792.96 | 13,183.59 | 13,671.28 | 14,093.57 | 14,399.76 | 17,383.96 | 23,232.14 | |
United States | 28,667.83 | 28,873.29 | 29,109.94 | 29,365.15 | 29,854.51 | 30,532.10 | 32,006.74 | 33,457.57 | 35,008.97 | 34,993.20 | |
Japan | 27,432.56 | 27,840.19 | 27,329.99 | 26,778.16 | 26,049.46 | 25,621.41 | 25,167.75 | 24,707.78 | 24,740.39 | 25,179.65 |
12
0
1.6K