DENMARK - Early Retirement Funded by the Wealthy

Arno Froese

Denmark will levy the equivalent of $480 million in new taxes on banks and wealthy investors to fund early retirement for some workers, Prime Minister Mette Frederiksen said.

The early retirement fund for workers with particularly difficult jobs was a central campaign plank for Frederiksen’s Social Democrats party, and Frederiksen is seeking to use some of the political capital from her handling of the coronavirus to pass the measure through Parliament, according to Bloomberg.

“I can’t imagine that this won’t get a majority in Parliament,” she said. If successfully passed, the taxes would take effect in 2023. Government projections estimate about 38,000 workers would take early retirement under the plan.

Provisions in the plan include a notional gain tax on business property investments and a cap on tax deductions for salaries above 10 million Danish kronor, or about $1.6 million. It would also impose a 1.5 billion kronor ($240.4 million) corporate tax on the financial industry and increase the tax on stock market returns to 650 million kronor ($104.2 million) by 2025.

-thehill.com, 18 August 2020

Arno's commentary

This country of barely 6 million people, maintains a life expectancy of 81.2 years, with excellent healthcare and six weeks of paid vacation. They have a per capita GDP of $50,100. Denmark follows in the footsteps of all successful countries, where exports stands at $113.6 billion, and imports only $94.9 billion. The people are well compensated and well rested; thus, quite obviously, produce products other nations want.

The five extremely successful Scandinavian countries include Denmark, Finland, Iceland, Norway, and Sweden. Although Estonia, Latvia, and Lithuania are also on the Baltic Sea, these former Soviet nations have not attained the level of their neighbors. According to WebForum.org, four of the Baltic countries are the most generous when it comes to foreign aid measured by percentage of gross national income: Sweden 1.41%, Norway 1.05%, Denmark 0.85%, Finland 0.59% (USA 0.15%).

Now the workers of Denmark want more. One of their requests is early retirement. Next in line comes guaranteed income for all. Although this proposal was rejected in a national referendum in Switzerland, the spirit of equality will have the upper hand in the end. Since Europe is the most prosperous, peaceful, and secure continent, these virtually unbelievable benefits will continue and increase.

Here we think of 1 Thessalonians 5:3: “For when they shall say, Peace and safety; then sudden destruction cometh upon them, as travail upon a woman with child; and they shall not escape.” Regardless of which country on planet earth, rich or poor, bond or free, successful or failure, that verse will be fulfilled one day. What is needed for every person is written in 2 Thessalonians 3:16: “Now the Lord of peace himself give you peace always by all means. The Lord be with you all.”

Arno Froese is the executive director of Midnight Call Ministries and editor-in-chief of the acclaimed prophetic magazines Midnight Call and News From Israel. He has authored a number of well-received books, and has sponsored many prophecy conferences in the U.S., Canada, and Israel. His extensive travels have contributed to his keen insight into Bible prophecy, as he sees it from an international perspective.

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