Haberler      English      العربية      Pусский         Kurdî      Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 02/12/2020 06:38 
27.10.2020 16:27 News >> Spain's Budget Eyes Tax Hikes For Wealthy

Spain's Budget Eyes Tax Hikes For Wealthy

Progressive government wants to fund record spending on social programs, infrastructure.

The Spanish government presented its 2021 budget Tuesday, which includes tax hikes for the country's wealthiest to help fund historic spending."Today we are inaugurating a new era that leaves the neoliberal path behind," said Pablo Iglesias, Spain's deputy vice prime minister and leader of coalition partner, Podemos, who presented the budget alongside Prime Minister Pedro Sanchez.The budget intends to increase taxes on those earning more than €300,000 ($354,000) annually and residents worth more than €10 million ($11.8 million).The El Pais newspaper said only 0.5% of the population earns more than €100,000 per year, so taxes would only affect a very small minority.Some large corporations could also have to pay more, while capital gains taxes above €200,000 ($236,000) are set increase.The money generated, plus a large sum from the European Union, would help fund a record spending increase, said Sanchez.If the budget passes, the government will invest €239 billion ($282 billion) in education, infrastructure, health care, social programs, scientific research, green energy, elderly care and social programs.Iglesias said the country wants to move more toward a Nordic model of elderly care, which favors in-home living rather than nursing homes.Public health workers and pensioners would also see their incomes rise 0.9% and major changes could be in store for the real estate sector."Spain will have a housing law with the largest degree of public intervention in the rental market in Europe," said Iglesias.The budget, however, is a draft and the progressive minority coalition may have to negotiate to secure support of opposition parties to pass it in parliament.Due to years of political instability, the last budget was passed in 2018 and its last full-year budget was passed in 2016.Spain's economy is reeling more than most from the pandemic. The IMF predicts its GDP will contract 12.8% -- the steepest drop in Europe.Only Lebanon, Venezuela, Libya, Peru, Suriname, Macao and some island nations are expected to see more acute economic declines."The main objective of the budget is to reconstruct what the crisis surrounding the pandemic has taken from us. The second is to modernize our productive model. The third is to strengthen our welfare state," said Sanchez. -



        Latest News
Yemeni Army Seeks UN Help To Stop Attacks On Civilians 29 minutes ago...
UN related institutions need to take action to stop these massacres, protect civilians, says Yemeni National Army spokesman.
Italy's G20 Presidency Has Officially Begun: Conte 0 minutes ago...
G20 Leaders Summit to be held on Oct. 30 31 next year in Rome.
Turkey Our Sole Supporter In Hard Times: Libyan Official 15 minutes ago...
Ahmed Maiteeq says presidential council and mechanisms for how president will be elected will be determined tomorrow.
Qatar, US Sign Naval Agreement 0 minutes ago...
Agreement pertains to marine activities and port calls to State of Qatar.
Champions League: Liverpool Move To Knockout Stage 0 minutes ago...
Reds reach last 16 with Curtis Jones' first goal in tournament.

 
      Top News
NATO Defense Ministers Discuss Agenda 2030 NATO Defense Ministers Discuss Agenda 2030
Saudi Arabia Slams Killing Of Iranian Nuke Scientist Saudi Arabia Slams Killing Of Iranian Nuke Scientist
Russia Deploys S-300 Defense System On Kuril Islands Russia Deploys S-300 Defense System On Kuril Islands
Germany: 2 Killed As Car Rams Into Pedestrians Germany: 2 Killed As Car Rams Into Pedestrians
Norway Wealth Fund Buys Turkish Candy Seller 7.7% Share Norway Wealth Fund Buys Turkish Candy Seller 7.7% Share
Indonesia: Hundreds Displaced Due To Volcanic Activity Indonesia: Hundreds Displaced Due To Volcanic Activity
Turkish Army Helps Azerbaijani Army In Clearing Mines Turkish Army Helps Azerbaijani Army In Clearing Mines
Anxieties Mount As Brexit Talks Enter Final Phase Anxieties Mount As Brexit Talks Enter Final Phase
S&P Global To Buy IHS Markit In $44B Merger Deal S&P Global To Buy IHS Markit In $44B Merger Deal
Lebanon-Israel Sea Border Demarcation Talks Postponed Lebanon-Israel Sea Border Demarcation Talks Postponed