By Tony Winterburn •
Published: 27 Oct 2020 • 9:47
The Government raises corporation tax, wealth tax and personal income tax for the rich.
The President of the Government, Pedro Sánchez, and the second vice president, Pablo Iglesias, presented the preliminary draft of the General State Budget on Tuesday, which includes an advance of €27,000 million euros of the European plan.
Sánchez has set the objectives of “rebuilding what the pandemic has taken from us, modernizing the production model and strengthening our wealth of well-being.” Iglesias has stressed that the accounts “leave behind the neoliberal stage of austerity and cuts.” The Government is raising the corporate tax, wealth and personal income tax for the rich. Corporate tax on large business groups has also been increased. Tax for assets of more than €10 million goes up by one per cent. The personal income tax for anyone with an income of more than €200,000 goes up by one per cent also, said vice president Iglesias.
Pedro Sánchez added: “We will raise the salary of public employees according to the CPI, pensions and non-contributory ones, these are twice the inflation rate. We are fighting on the health front, fighting the second wave that devastates Europe and Spain, but at the same time we must lay the foundations for economic and social recovery.”
He went on to say the government is also going to allocate 3.064 million euros more to the Health service. An “increase of 60 million euros” in funds to fight child poverty was also promised.
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