Spanish government to reinstate wealth tax

At a meeting of the Council of Ministers this Friday, 16th September, the Spanish Government plan to reintroduce the Wealth Tax, which was abandoned in 2008.

Speaking at a rally in the Jaime Vera de Galapagar Institute in Madrid on Sunday, the socialist candidate for president, Alfredo Pérez Rubalcaba, asked the prime minister, José Luis Rodríguez Zapatero, to “reactivate immediately” the “tax on large estates”, a measure which also appears in Rubalcaba’s election manifesto.

Moreover, according to sources close to the candidate, he has requested that the minimum at which tax is payable be raised significantly, thus only taxing the wealthy and not the middle class as was the case previously before the tax was abolished.

Rubalcaba pointed out that the benefits of this decision would be seen in 2012 and “the new government in power would be able to use them.” “If you give me the opportunity to decide in 2012 what to do with it, I will invest it in youth employment,” he explained.

Source: Kyero.com