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Will a significant decrease in income tax benefit the economy?

Today, the Minister of Finance announced that the 2024 Budget proposal indicates a rise in income, featuring a "significant" decrease in income tax, strengthened public investments, and measures to support citizens facing greater challenges.

Fernando Medina conveyed this stance after submitting the Government's State Budget proposal for 2024 to the President of the Assembly of the Republic, Augusto Santos Silva.

The Minister of Finance highlighted that the primary objectives of next year's Budget are to address the needs of the Portuguese people, focusing on three core pillars: increasing income, boosting both public and private investment, and safeguarding the future.

Regarding the income increase, Fernando Medina emphasized that the prevailing conditions of inflation and family requirements necessitate a responsive approach. This could involve raising salaries, significantly reducing income tax (IRS), or enhancing support for more pressing social concerns.

The State Budget proposal for 2024 is generally debated on the 30th and 31st in the Assembly of the Republic, with a final global vote scheduled for November 29th.

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