⁍ Spain plans to raise taxes on large companies and wealthy people to fund increased spending on social care and infrastructure.
⁍ The left-wing government was spelling out some of its plans after it had already forecast a worse-than-feared contraction of the coronavirus-battered economy this year.
⁍ The tax moves include raising corporate taxes on large companies, income taxes on high earners and increasing a capital gains tax above 200,000 euros.
– Spain’s new left-wing government, which came to power last month after an election that saw the Socialists win a majority of seats, says it plans to raise taxes on the wealthy and big companies to fund spending on infrastructure and social care, Reuters reports. “This budget cannot be postponed,” Prime Minister Pedro Sanchez said in a televised statement Tuesday. “This budget is essential for the modernization and recovery of our economy.” According to the Wall Street Journal, the tax hikes will include raising corporate taxes on large companies and income taxes on high earners.
Source: https://www.reuters.com/article/us-health-coronavirus-spain-budget/spain-to-raise-taxes-increase-infrastructure-spending-in-2021-budget-idUSKBN27C123