Social Democrats plan to introduce progressive income taxes, higher corporate taxes

The shadow finance minister Jan Mládek announced that if his party, the Social Democrats, will come to power after the parliamentary elections in 2014, they will introduce a progressive personal income tax with a highest rate of 38 percent of the gross salary. Speaking at the Social Democratic congress on Saturday, Mr Mládek said the Social Democrats will raises corporate taxes from 19 to 21 percent, and create a special 30-percent tax for large financial, energy and telecommunication companies.