Government study to supplement new tax on large property with surcharge on personal income tax

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Finance Minister, Maria Jesus Monteiro, in Congress on Thursday.Eduardo Parra (Europa Press)

The government not only works on the construction of a new tax So that the great fortune contributes more, which is already present on the net worth of the richest. In parallel, it is also studying the imposition of a surcharge on personal income tax for the wealthiest, with an increase in the tax base rates for savings, according to government sources. This last measure will affect the increase in equity, such as the proceeds from the sale of an asset, as well as the returns generated by the financial assets.

Minister of Finance, Maria Jesus Monteiro, extended on thursday That the new tax on large fortunes, which the executive is working on, would be temporary and would go into effect in early 2023. The minister did not add more details, but pointed out that it is necessary to study how it is processed, as “not everything” can enter the general state budget. In fact, accounts may only include changes to existing taxes, whereas for the creation of new taxes, need a regulation informalAnd Treasury technicians are studying how to make big fortunes pay more taxes without falling into double taxation, since the rich already have a tax on their net worth.

This tax, the property tax, introduced in the late 1970s, abolished in 2008 and collected in 2011, is paid once a year and is levied on the entire property, such as immovable property, Bank deposits, dividends and other luxury goods such as jewelry and works of art. Though its character is state, it is a tax paid to the communities. That is to say, its management depends on the regional governments and each region can apply deductions and bonuses which it considers to be based on fiscal autonomy. To the point of completely canceling the collection of tributes.

This is the case of Madrid, the first community to subsidize a 100% property tax in 2008. Until now it was the only autonomy to provide such generous tax benefits, but the President of Andalusia, Juan Manuel Moreno Bonilla, just recently informed that The board will follow suit. The announcement added to other tax cuts offered by PP communities and has restarted the debate over taxation of the richest and tax reconciliation between regions.

“I think it would be good if we all cooperate so that the wealth of our country can grow and prosper, and there is no tax haven in the EU or within our country,” the head of the Treasury insisted after the defense. Given the need to “make more and more effort” from the extraordinary gainers in the current economic crisis. To this group he included energy companies and banks, for which the Treasury has already created an extraordinary and temporary tax to offset additional income from rising interest rates and rising energy prices. “But it is also a matter of the great fortune of our country, who are called upon to make additional temporary efforts,” he said.

Monteiro clarified that it would be used “Same scheme” used for new taxes on energy companies and financial institutions, which are not taxes, but are matrimonial benefits of a public nature – a kind of spillover – and which will remain in force for two years. “Our view is that context and it gets implemented as soon as possible, but we’ll have to wait until we’re done,” he said in an interview on the program on Thursday red hot, “It doesn’t make sense that the Spanish government is watching the news of tax cuts in the regions, while we ask for 140,000 million (…) from Europe, in the same way it doesn’t mean that there are autonomous communities that are from the Spanish government. ask for money, while within the framework of their powers, they reduce taxes”, he compromised.

Podemos proposed in 2020, After the pandemic breaks out, replace the property tax with a new figure that would tax the richest without the possibility of exemptions by communities. The measure did not proceed and last spring, as a result of the economic crisis triggered by the Russian invasion of Ukraine, the Purple Formation once again pressured its government partner by filing a legislative initiative to “supplement” the current tax on funds, Establishment Revising the brackets for marginal rates and fortunes in excess of 10 million euros.

On the other hand, surcharge on capital income can be approved through budget. The Coalition government has already used this means to raise rates on the tax base of savings: in accounts for 2021 it will give them three points for capital income above 200,000 euros and work income above 300,000 euros. Raised two points. But you still have room to raise them. alliance agreement Between PSOE and United we can predict that the rate hike will be more marked for both tax bases: two and four points for labor income that exceeded 130,000 and 300,000 euros respectively, and for savings of over 140,000 euros. Four Digits. The document also stated that the taxation of large fortunes would be studied “to contribute to a fairer and more progressive tax system”, without giving further clues about the specific measures.



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