World: Hungary to give women with 4 or more kids life tax exemption - PressFrom - US
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WorldHungary to give women with 4 or more kids life tax exemption

04:31  11 february  2019
04:31  11 february  2019 Source:   msn.com

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Taxation in Hungary is levied by both national and local governments. Tax revenue in Hungary stood at 38. 4 % of GDP in 2017. The most important revenue sources include the income tax

Families can frequently save more on their taxes than a single person. We'll help you understand who you can claim as a dependent, and which family-related deductions will give you the greatest tax However, to claim an exemption the child cannot provide more than half of his or her own support.

Hungary to give women with 4 or more kids life tax exemption© The Associated Press Hungarian Prime Minister Viktor Orban delivers his annual "State of Hungary" speech in Budapest, Hungary, Sunday, Feb. 10, 2019. The inscription reads: "For us Hungary is the first!"

BUDAPEST, Hungary — Hungary's government is greatly increasing financial aid and subsidies for families with several children, the country's prime minister said Sunday.

The measures announced by Viktor Orban during his "state of the nation" speech are meant to encourage women to have more children and reverse Hungary's population decline.

The benefits include a lifetime personal income-tax exemption for women who give birth and raise at least four children; a subsidy of 2.5 million forints ($8,825) toward the purchase a seven-seat vehicle for families with three or more children; and a low-interest loan of 10 million forints ($35,300) for women under age 40 who are marrying for the first time.

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Tax exemption is a monetary exemption which reduces taxable income. Tax exempt status can provide complete relief from taxes , reduced rates, or tax on only a portion of items. Examples include exemption of charitable organizations from property taxes and income taxes , veterans

The roles of women in Hungary have changed significantly over the past 200 years. Historically, in the present day territory of Hungary , discourses on women ’s roles, rights, and political access, along with feminist movements

Orban, who has made "zero tolerance" for immigration his main theme in the past four years and was elected to a third consecutive term in April, said the initiative is meant to "ensure the survival of the Hungarian nation."

"This is the Hungarians' answer, not immigration," Orban said.

The prime minister also listed some of his government's economic achievements — such as low unemployment — and vowed to fight poverty.

Orban then turned his attention to May's European Parliament elections, repeating his accusation that the leadership of the European Union wants to fill the continent with migrants, most of them Muslim.

"We have to understand that the European peoples have come to a historical crossroads," Orban said. "Those who decide in favor of immigration and migrants, no matter why they do so, are in fact creating a country with a mixed population."

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Exempt means you’re not on the hook for taxes , so your employer won’t take anything out of your paycheck for federal income tax throughout the year (they’ll still take out money for Medicare and Social Security, though). If you are exempt , you’ll simply write “ Exempt ” on Line 7 of your W- 4 .

The federal income tax exemption does not automatically exempt the employee from state or local income taxes . If you do not have a previous Form W- 4 with allowances for an employee, you can withhold federal income taxes from the employee’s wages as if they claimed zero allowances.

Europe's left-wing has become "the gravedigger of nations, the family and the Christian way of life," Orban said.

After his speech, several hundred members and supporters of Hungary's main opposition parties held an anti-Orban rally that started in Buda Castle. The event also was aimed at protesting recent heavy fines the state audit office imposed on several opposition parties. A small group of protesters used their cars to block traffic from crossing the Chain Bridge over the Danube River for most of the day.

Opposition leaders said the fines, which cannot be challenged in Hungarian courts, were politically motivated and meant to hinder their campaigns for the European Parliament and municipal elections in Hungary later this year.

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