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How Your Economy is Affected by the Budget

Are you a winner or loser in the government's budget? Here are some of the most important points that affect households' economy.

» Updated: 19 September 2024, 09:31

» Published: 19 September 2024

How Your Economy is Affected by the Budget
Photo: Fredrik Sandberg/TT

In total, it's about new reforms worth a total of 60 billion kronor, which are now being presented by Finance Minister Elisabeth Svantesson. Almost half of them are tax cuts for households. However, the investments will have varying effects.

Two high-income earners, i.e., with a joint income of over 180,000 kronor, can get over 3,400 kronor more in their pockets every month. "Losers", or those who get the least, are a retired couple who will have to settle for 226 kronor more per month, according to the bank SEB's calculations.

Here are some of the most important budget points:

A new job tax deduction worth 11 billion kronor. Everyone earning over 16,000 kronor will benefit from the proposal.

The phase-out of the job tax deduction for those earning the most is being abolished. The proposal benefits those with annual incomes of 778,000 and up to over two million kronor, which means a cost for the state of 4.7 billion kronor.

Tax cuts for pensioners worth 2.5 billion kronor. This means that a median pensioner will get a tax cut of 1,400 kronor per year.

The threshold for when you have to pay state income tax will be raised at the turn of the year to a monthly salary of 53,590 kronor.

Tax cuts on ISK accounts worth 4.4 billion. This means that savings up to 150,000 kronor will be tax-free. The level will then be raised to 300,000 the following year.

Tax cuts on air travel worth 870 million kronor. This is about 80 kronor for a domestic flight ticket.

Tax cuts on fuel worth 3.2 billion kronor.

Tax cuts on motorhomes worth 90 million kronor. One of the smaller reforms, but for a motorhome owner, it means almost 7,000 kronor in lower taxes.

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By TTThis article has been altered and translated by Sweden Herald

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