Norway PM proposes largest income tax cut in 20 years in 2027 budget

Norwegian PM Jonas Gahr Støre announced a 6.4 billion kroner income tax cut in the 2027 state budget, the largest single-budget cut since 2005. The cut will be funded by spending reductions, not oil money, and includes raising the personal allowance and lowering social security contributions. This marks a notable fiscal policy shift, potentially aimed at boosting household incomes ahead of elections.