Questions & Answers about Við lesum um frádráttinn því að hann er nýr.
In Icelandic, the simple present tense often covers both meanings:
- we read
- we are reading
So Við lesum can mean either we read or we are reading, depending on context. Icelandic does not normally need a special progressive form the way English does.
Við means we.
In Icelandic, subject pronouns are often used, especially in simple sentences like this one, so Við lesum is the normal way to say we read / we are reading.
Because the verb ending already gives some information, pronouns can sometimes be omitted in certain styles, but for learners it is best to think of við as the normal subject here.