Spain's tax reforms have increased poverty and done nothing to create jobs, says European Commission
Wednesday, April 2, 2014 @ 12:38 PM
RAJOY'S fiscal reforms have made low-income households poorer than ever, says the European Commission – one of the governing bodies which ordered the Spanish president to make them in the first place.
As a result of 'adjustments' made to Spain's tax situation, including income tax (IRPF) and IVA – particularly since 2012 - those already struggling to make ends meet are now in dire financial straits.
At best, they are relying on their savings, in 15 per cent of cases, and on loans and credit cards in 10 per cent of households, just to cover basic necessities like utility bills, rent or mortgage and food.
Spain's bottom quartile earners have seen their income go down by 14 per cent a year since 2009, whilst the top quartile earners have barely lost 10 per cent of their income and in many cases, have in fact become richer.
Read more at thinkSPAIN.com