Spain agrees on temporary wealth tax, hikes for big earners

By CIARÁN GILES
Associated Press

MADRID (AP) — Spain’s Socialist-led coalition government says residents whose wealth exceeds 3 million euros ($2.9 million) will be subject to a new asset tax in 2023 and 2024. Finance Minister María Jesús Montero said Thursday that the temporary wealth tax would affect 23,000 people, or 0.1 % of taxpayers. She said people with holdings of 3-5 million euros will be taxed 1.7% and those whose personal worth is 5-10 million euros will be taxed at 2.1%. Individuals with fortunes above 10 million euros will pay 3.5%. The tax is part of a range of adjustments planned for Spain’s upcoming budget that are aimed at alleviating the hardship caused by rampant inflation and soaring energy prices.