Spain has raised taxes on its wealthiest citizens making it the latest country in Europe to employ such a measure, reports the Guardian.
The Spanish government, under current Prime Minister Jose Luis Rodriguez Zapatero, had previously removed a tax on the wealthy in 2008 just before the country moved into recession.
The tax aims to raise funds for regional government centres, though many of these a run by Spain’s opposition People’s Party and are unwilling to make use of the tax. Severe pressure may force their hand however.
The tax will apply to Spaniards who have over €700,000 worth of real estate (not including their primary home), bank deposits or stocks.
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