Spain to finance fight against inflation with tax on the rich

2 mins read
Spain to finance fight against inflation with tax on the rich

To compensate for inflation, the richest one percent of the Spanish population is to be taxed additionally. The main aim is to ease the burden on the middle class.

Starting next year, the Spanish government wants to temporarily tax the richest one percent of the population additionally in order to finance measures to fight inflation. It is important that “we can finance the aid” set up to support the “middle class and workers,” Finance Minister María Jesús Montero told La Sexta television on Thursday.

The government will impose a tax on Spain’s “great fortunes” for two years, affecting “no more than one percent” of the population, Montero added.

Inflation of 10.4 percent

“When we talk about rich people, we are talking about millionaires,” the minister added. She did not provide details on the tax rate or tax revenues.

The Spanish government, led by Socialist Prime Minister Pedro Sánchez, had already presented a bill in July to introduce a temporary tax on banks and energy suppliers to finance measures to lower the cost of living.

Spain is also struggling with rising inflation – as a result of the Corona pandemic and the war in Ukraine. Inflation has been in double digits since June, reaching 10.4 percent in August. This is the highest it has been since the mid-1980s.

The government has taken several measures to provide relief to citizens in the face of rising prices. These include free public transportation, scholarships for students and subsidized gasoline.

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Salih Demir

Salih Demir lives in Germany. He is interested in politics and economy. Germany editor of -ancient idea-

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