Spain plans tax hike for millionaires to help those in need

Sep 22, 2022, 5:20 PM | Updated: Sep 23, 2022, 5:23 am
President of Spain Pedro Sanchez, right, arrives to address the 77th session of the United Nations ...

President of Spain Pedro Sanchez, right, arrives to address the 77th session of the United Nations General Assembly at U.N. headquarters, Thursday, Sept. 22, 2022. (AP Photo/Jason DeCrow)

(AP Photo/Jason DeCrow)

MADRID (AP) — Spain’s Socialist-led coalition government is planning a temporary higher tax rate on the richest 1% of the country from next year, in addition to its windfall taxes on large energy companies and banks.

“We are proposing a redistribution of the effort, among those who have the most, to fund the welfare state, which is everybody’s,” Socialist Prime Minister Pedro Sánchez said in a speech Friday.

Finance Minister María Jesús Montero says the measure targets only millionaires. The expected increase in tax revenue will be used to alleviate hardship brought by higher prices for energy and food, she says. The annual inflation rate climbed to 10.5% in Spain last month.

The exact increase and scope of the tax measure are still being worked out, the government says.

The Socialists’ junior coalition partner, Unidas Podemos (United We Can), is pushing for the new tax to permanent.

The current top rate of income tax, for those earning more than 300,000 euros ($293,000) a year, is 47%. The highest capital gains tax is 26%.

However, regional governments have some leeway on taxation, and some of them run by the conservative Popular Party — the country’s main opposition party — have been cutting taxes, saying that step will spur growth.

A debate and vote by lawmakers on the government’s proposed windfall tax on companies is expected in the coming weeks.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Photo from Flickr...
Associated Press

Washington kills 2 wolves to prevent preying on cattle

Biologists working for Washington have killed two members of the Leadpoint wolf pack this week in an effort to stop the pack from preying on cattle
10 hours ago
Associated Press

Man who survived Rittenhouse shooting seeks name change

KENOSHA, Wis. (AP) — The man who survived a shooting by Kyle Rittenhouse that left two others dead during a Wisconsin protest in 2020 has filed a secret petition to change his legal name because of what he now says was continued harassment related to the case. Gage Grosskreutz has called for an investigation by […]
1 day ago
Leader of the League party Matteo Salvini blows a kiss as he joins an Italian farmers association's...
Associated Press

Right-wing leader in Italy slams Europe on energy policy

MILAN (AP) — Italian right-wing leader Matteo Salvini on Friday criticized Germany and other European Union nations for not working together on a common response to the energy crisis but instead “protecting their own interests.” “The European Union in these days, in these weeks, has been very much everyone for himself. The Spaniards protected their […]
1 day ago
Ana and Josh MacDuff, right, and their employees pose inside their new Mountain Girl Cannabis store...
Associated Press

Vermont dispensaries to begin selling recreational marijuana

Vermont dispensaries are set to begin selling marijuana for recreational use, though only three will be ready to do so on opening weekend. FLORA Cannabis in Middlebury, Mountain Girl Cannabis in Rutland and CeresMED in Burlington will all open on Saturday. A fourth business has been licensed to sell recreational pot but isn’t ready to […]
1 day ago
FILE - US Navy sailor Ryan Sawyer Mays walks past reporters at Naval Base San Diego before entering...
Associated Press

Sailor found not guilty of setting fire that destroyed ship

SAN DIEGO (AP) — A Navy judge has ruled a sailor was not guilty of setting a fire that destroyed the USS Bonhomme Richard in San Diego in 2020. The ruling Friday came after a nine-day trial at Naval Base San Diego. “Seaman Recruit Mays was found not guilty on the charges of willful hazarding […]
1 day ago
Associated Press

Indonesian police kill militant suspected in farmers’ deaths

PALU, Indonesia (AP) — Indonesia’s elite counterterrorism police have killed a militant who was believed responsible for the killings of Christian farmers on Sulawesi island and was the last remaining member of an organization that pledged allegiance to the Islamic State group, police said Friday. Police said Al Ikhwarisman, also known as Jaid, was a […]
1 day ago

Sponsored Articles

Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Work at Zum Services...

Seattle Public Schools announces three-year contract with Zum

Seattle Public Schools just announced a three-year contract with a brand-new company to the Pacific Northwest to assist with their student transportation: Zum.
Swedish Cyberknife 900x506...

June is Men’s Health Month: Here’s Why It’s Important To Speak About Your Health

According to the Centers for Disease Control and Prevention, men in the United States, on average, die five years earlier than women.
...

Anacortes – A Must Visit Summertime Destination

While Anacortes is certainly on the way to the San Juan Islands (SJI), it is not just a destination to get to the ferry… Anacortes is a destination in and of itself!
...

Ready for your 2022 Alaskan Adventure with Celebrity Cruises?

Celebrity Cruises SPONSORED — A round-trip Alaska cruise from Seattle is an amazing treat for you and a loved one. Not only are you able to see and explore some of the most incredible and visually appealing natural sights on the planet, but you’re also able to relax and re-energize while aboard a luxury cruise […]
Spain plans tax hike for millionaires to help those in need