… in Portugal.
Portugal’s Prime Minister announced on Friday that the government would raise workers’ social security contribution rates from 11% to 18% (about one month’s salary)… and decrease companies’ contribution rates from 23.5% to 18% in the same breath. The usual need for job creation is invoked as justificaion for the move… an interesting claim, especially in light of the current debates about “dead money” in Canada… It’ll be interesting to see if the Portugese government is more successful than the Canadian one in inducing investment from its corporations.
(To be fair, the government announced that it would also raise taxes on corporations and the rich (while taking away one month of public workers’ salaries). Rates are still to be announced, though, so the actual distribution of the burden remains to be seen.)
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