It's official - Wealth tax is back
16 September 2011 @ 13:54
After weeks of speculation it has now been confirmed that the government plans to re-introduce the wealth tax. From the Wall Street Journal:
MADRID—The Spanish government said Thursday it will temporarily reinstate a tax on its wealthiest citizens, putting an end to weeks of debate over a controversial measure designed to help close one of Europe's largest budget gaps while easing widespread voter discontent with spending cuts.
Finance Minister Elena Salgado told journalists Thursday that the tax "will reinforce budgetary stability" and will be applied to people with net assets of more than €700,000 ($962,780) in 2011 and 2012...
In an effort to shield middle-class savers from the measure, the new tax's minimum threshold of €700,000 is much higher than the €120,000 threshold it had previously.
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