Hungarian FinMin: Opposition budget amendment proposals would entail HUF 3,200 bn bigger tax bill
Left-wing amendment proposals to the 2024 budget would add a tax bill of HUF 3,200 billion (EUR 8.63bn) on top of current plans, Finance Minister Mihály Varga said on Wednesday.
Varga said in a video posted on Facebook that budget spending would overshoot by HUF 6,528 billion and entail extra taxes amounting to 3,200 billion, hitting businesses the hardest. Corporate taxes would balloon to 25 percent from 9 percent, making companies shoulder several thousand billion forints of extra tax payments, he said.
The opposition’s uncosted proposals, he added, would mean spending reserves of 200 billion forints eight times over, raising the budget shortfall from 2.9 percent to more than 10 percent.
Varga said the government’s 2024 budget was focused on ensuring the country’s security in times of war, protecting families, pensions, jobs and cheap utilities, while enabling further cuts to the budget deficit and the public debt in Hungary.
Arbitrary extra spending proposed by the left-wing opposition would put these achievements at grave risk, he said.
Source: MTI
What else is new? Margaret Thatcher, whatever you may think of her, was dead-on target when she said that “the problem with socialism is that eventually you run out of other people’s money.” That’s the whole premiss of Leftism: Buy votes by giving away money you don’t have and is not yours to begin with. Losers. The problem is that far too many people get seduced by such Donald Duck arithmetic and vote them in. What happens next has been seen the world over, including today in the “blue” states in the U.S., which are mostly bankrupt.
The left always wants to spend other peoples money for their fantasy’s that are financially unsustainable and create debt that eventually becomes so massive that the debt cannot be paid back. Look at what happened to Geece a few years back. Look at what is happening to The USA presently. Their national debt it beyond repayment and they keep spending money borrowed from bankers to wage wars against sovereign nations whom are not a threat to anyone. WTH is their government thinking?
Hungary should ignore the loonie left once again.