7 BIG Financial Changes in Germany 2024

Discover the 7 Game-Changing Financial Updates in Germany for 2024!
Exciting times ahead! Get ready for significant financial shifts in Germany in 2024, impacting your wallet and tax bills. In this video, we break down the key changes, from tax benefits to Social Security updates.

Income Tax Breaks: Good news! You can potentially earn an extra €700 tax-free in 2024, leading to a tangible increase in your take-home pay. We'll keep you updated on the exact figures once the government tax calculator for 2024 is live.

Minimum Wage and Basic Income Boost: Minimum wage and basic income for Burger Guild workers are on the rise. Stay tuned for details that might impact your financial situation.

Private Sales Income Tax Upgrade: The tax-free threshold for private sales income gets a boost from €600 to €1,000. Explore opportunities in special assets like gold, jewelry, art, and Bitcoin.

Tax-Free Rental Income: Celebrate a unique benefit for real estate investors! Now, every individual can earn €1,000 tax-free from rental income annually. Less bureaucracy, more money in your pocket.

Real Estate Investor Bonanza: Real Estate Investors score twice in 2024! Enjoy increased depreciation benefits plus tax-free rental income.

Social Security Adjustments: Unfortunately, not all news is sunny. Public health insurance premiums are set to rise by almost 4.4%, impacting your monthly contributions. Learn about Private Health Insurance options and how they might be affected.

Empower yourself with knowledge, seize financial opportunities, and make 2024 your year of financial growth. Your journey starts here. See you in the next video!

Read the full article on our website:

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00:00 BIG Financial Changes In Germany In 2024
00:28 Tax-Free Income Threshold Increasing
01:02 42% Income Tax Bracket Starting Later
02:04 Minijob Increasing To 538€/Month
02:43 Private Sales Increasing From 600€ To 1.000€ Tax-Free
03:34 1.000€ Tax-Free Rental Income
04:35 Increased Depreciation For Real Estate Investors
06:04 Decrease Of Elterngeld (Maybe)
06:46 Higher Social Security Contributions

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[PerFinEx]

Free meeting with us: perfinex.de/meeting

[Marco]

So great to get updates of this nature. You changed the game for expats!

[vishal]

If I buy an apartment for self use and put it on rent to eran rental income then can I also take benifits on tax for depreciation and others??

[parminderdhawan]

Thanks for the update, Axel.. Can you provide more details on what qualifies a property for upto 6% depreciation in 2024?

[firstsecond]

I thought gold was considered a commodity and therefore tax free?

[adiszigo]

Now 13 salary It does not exist.Christmas salary is for Olaf Shultz :)

[fefas]

I do like your video due to very well digested information in english that you bring to all the expat community. Many thanks for that.

However, I would say you could keep out such claims against tax based on very superficial arguments like (quote unquote) "the goverment needs to cover the 60B they simply lost". Before anyone gets me wrong: I am on the side that we, workers, pay way too much taxes (even if you earn 150k or 200k a year, you are also just another worker) and that, we, the ordinary, people should be spared from this kind financial tax burn. With that being cleared out, let's get to the topic I started.

Your argument I quoted above is so superficial that may probably even be classified as missinformation:

1. Goverments do NOT need our tax money to pay anything. Goverment financing is not simply a bank account where income comes in and costs are paid. Why that? Well, unlike you, the state can print money. Money can be printed as much as needed to allocate resources in order to achieve certain goals. Therefore, the need of tax is an economic matter much more complex than stating "the goverment increases taxes because they are bad in managing money and, therefore, we pay for their inneficiency"
2. Social charges are not intended to pay everything related to public investment and service. Every tax has its own goal. The 60B "lost" by the goverment is related to infrastructure development, while the increased social security is to address public services that ensure our social security. So, one thing has basically nothing to do with the other.
3. The goverment didn't simply lose 60B (the way you said transpile like the goverment is inefficient and we need to pay for it). What happened was they just could not get more spending approved due to the strategy of keeping debt really low (around 60% of GDP here in Germany). This money would not come from our tax as, again, goverment can print money. And NO, printing money alone is not the sole cause that leads to inflation. If printed money is used to allocate resources already existent in a sociaty in order to make the economy roll and create more jobs and build better infrastructure, everybody benefits from it. The madness is blocking goverment to allocate resources in order to solve real issues to avoid future issues. And the goverment does not need your tax to solve that issue. They just need to allow higher debt-gdp rates. This debt feat is interesting to see specially if you compare Germany with other economies. Germany could levarage this privileged situation of really low debt in order to make investments and recover the economy in a more sustainable way. Completely unrelated to the 60B topic, but housing crises is another example that may have potencial solutions by state making real investiment in the real state market.

Even if I made mistakes in my argumentation, it is very easily moticiable that this is not a simple topic and, therefore, you as an influencer must have more responsibility about the ideology you are spreading (nothing is imparcial). Our current times is pretty much delicate and trust is decreasing. This is the moment we do NOT need more missinformation.