by Chris Becker
Given that the entire body politic and economic system is geared towards screwing the younger generations with systemic high house prices and the life long debt bill that entails – or an equally perverse rental system – plus limited employment opportunity, this idea from Poland may have merit in the years to come. From France24:
Polish lawmakers have approved a measure that would exonerate most workers under the age of 26 from income taxes as the country seeks to stem the flow of its young people to other EU nations in search of better paying jobs.
The bill would exonerate workers under the age of 26 from Poland’s 18 percent personal income tax for those whose gross earnings don’t surpass 85,500 zlotys (20,000 euros, $22,500) per year.
That level is higher than Poland’s average income, estimated to be around 60,000 zlotys per year before tax.
The approval of the measure by the upper house of parliament and its signature by the president is widely expected.
Some two million people could benefit from the measure, according to supporters of the legislation, which should enter into force from August 1.
Poland has long been haemorrhaging skilled workers to other EU states where they can find better paying jobs, posing both a long-term demographic risk and short-term problem finding enough labourers to continue the country’s streak of economic growth since the fall of communism in 1989.
Australia is going to have to consider some radical measures in the years to come, as the youth discover the benefit of global employment opportunities and much lower house prices abroad. With the Coalition and Labor hell bent on increasing compulsory superannuation savings – basically increasing income tax for non-retirees – and completely abrogating any actual investment in future proofing the country against economic, strategic or climate change crises, the call to expatriate will only grow louder.