Spain plans tax hike for millionaires to help those in need

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. That is in addition to its windfall taxes on large energy companies and banks. Socialist Prime Minister Pedro Sánchez said Friday the change is meant to help fund the welfare state amid hardship brought by higher prices for energy and food. The annual inflation rate climbed to 10.5% in Spain last month. The government says the tax hike targets only millionaires. It says the exact increase and scope of the tax measure are still being worked out.