Hungary News: The finances of the average person can be significantly impacted by paying income tax. What if the government implemented policies that could provide a lifelong exemption from taxes? Naturally, it would come with a cost. On Friday, Hungarian Prime Minister Viktor Orban revealed several initiatives designed to encourage marriage and families as well as reduce the rate of immigration.
In common with other European nations, Hungary is confronted with the issue of a decreasing birth rate. To reverse the population decline, Hungary has introduced certain measures to boost the birth rate. Viktor Orban remarked, “The number of children being born in Europe is diminishing. In the case of Western countries, the response to this challenge is immigration. They aim to have as many migrants come in as children are missing, thereby increasing the overall numbers. However, we Hungarians have a different perspective.”
The Hungarian government has announced measures including exempting women who raise at least four children from paying personal income tax for their lifetime. Subsidies for large families to purchase bigger cars were also announced. In addition, the government revealed plans to open 21,000 crèche places as part of an action plan to address the declining population.
Viktor Orban emphasized the necessity for more Hungarian children, stating that quality matters more than quantity.
Viktor Orban expressed concern about “countries with mixed populations,” stating that the people of Europe are facing a crucial moment in history. He warned that Christian nations may soon see Christians become the minority, with no possibility of reversing this trend.
A few years back, a similar speech was given, and an initiative to encourage marriage and childbirth through subsidized loans led to a surge in marital unions. In 2019, a new program was introduced, offering subsidized loans of up to 10 million forints ($33,000) to couples who tied the knot before the bride’s 41st birthday. As per a Reuters report, if the couple has two children, one-third of the loan will be forgiven, and if they have three children, the entire loan will be forgiven.
(With agency input)