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Growth Opportunities Act: Double taxation of pensions resolved?
The new traffic light law relieves pensioners of thousands of euros - Find out how the tax situation for pensioners has improved. #Pension #Growth Opportunities Act #Double taxation
Growth Opportunities Act: Double taxation of pensions resolved?
Pensions are not only given tax relief through the recently passed Growth Opportunities Act. Future pensioners can benefit from significant tax relief, while existing pensioners may still be affected by double taxation. The federal government responded to the demands of the Federal Finance Court and thus put an end to potentially unconstitutional double taxation of pensions.
The Growth Opportunities Act now prevents future pensioners from being unfairly burdened. With an adjusted taxation regime from 2023, the tax share will be gradually reduced for each new retirement cohort, allowing pensioners to save significantly on taxes over time. The pension allowance increases due to this change, which results in significant relief.
Despite the positive impact of the law, certain groups of pensioners are still affected by possible double taxation. Self-employed people and people with high incomes in particular could continue to pay too much tax. The Growth Opportunities Act is therefore a step in the right direction, but further legal adjustments may be required to completely eliminate double taxation.