Spain proclaims short-term tax on giant fortunes

Spain proclaims short-term tax on giant fortunes

Finance Minister Maria Jesús Montero said it is a solidarity tax, which 23,000 people will pay, 0.1% of taxpayers

The coalition government led by the Socialists of Spain announced this Thursday that residents whose wealth exceeds 3 million euros ($2.9 million) will have to pay a new tax on assets in 2023 and 2024. Finance Minister Maria Jesús Montero said it is a solidarity tax, which 23,000 people will pay, 0.1% of taxpayers.

He said that people with assets of 3 million to 5 million euros will pay a tax of 1.7%; those with between 5 million and 10 million euros, 2.1%, and fortunes above 10 million, 35%. The tax is part of a series of adjustments planned for the upcoming budget that aim to alleviate the hardship caused by rampant inflation and skyrocketing energy prices.

The government also plans to increase the income tax rate from 26% to 27% for income above €200,000. The capital gains tax for income over 300,000 will increase by two percentage points to 28%.

The Socialist Party and its left-wing coalition partners Unidos Podemos agreed to the measures, which are expected to raise €3.1 billion over the next two years. The government said it will use this money to fund initiatives that benefit low-income people.

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