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Wednesday, September 22, 2021

Spanish Government’s Budget Eyes Tax Hikes for Millionaires

The Spanish government of Prime Minister Pedro Sanchez presented on Wednesday morning its 2021 budget, which includes tax hikes for the nation’s millionaires and wealthiest in order to help fund historic spending.

The Spanish government of Prime Minister Pedro Sanchez presented on Wednesday morning its 2021 budget, which includes tax hikes for the nation’s millionaires and wealthiest in order to help fund historic spending.

“Today we are inaugurating a new era that leaves the neoliberal path behind,” Spain’s deputy vice prime minister and leader of coalition partner Podemos Pablo Iglesias said, after presenting the budget alongside Prime Minister Sanchez in capital Madrid.

Iglesias pointed out that Spain wants to move more toward a Nordic model of elderly care, which favors in-home living rather than nursing homes. He added that health workers and pensioners would also see their incomes rise 0.9 percent and major changes could be in store for the real estate sector.

“Spain will have a housing law with the largest degree of public intervention in the rental market in Europe,” Iglesias said.

According to an El Pais report, the budget intends to increase taxes on those earning more than $354,000 annually and residents worth more than $11.8 million. The newspaper added that only 0.5 percent of the population earns more than $150,000 per year, so taxes would only affect a small minority.

 

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