Fri. Apr 19th, 2019

Sanchez insists on raising taxes to large companies and fortunes

Sanchez insists on raising taxes to large companies and fortunes

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The tax system will occupy a central place in the electoral promises of the political parties. If the PP has already announced a "fiscal revolution" that would reduce and eliminate taxes, the PSOE, as reflected in the Budgets that it designed for 2019 and that were not approved, maintains its intention of raise the tax burden on large companies, high incomes and certain activities.

So it is among the 110 main measures of the electoral program with which the Socialists will be presented to the general elections on April 28. The PSOE speaks of "reinforcing the progressivity of the tax system, increasing the contribution of large companies, and taxpayers with higher incomes and higher assets."

This, in case of continuing in the Moncloa and as they already contemplated the failed Accounts for this year, would take to the PSOE to elevate the IRPF to those that win more than 130,000 euros from 45% to 47%, and to 49% in the case of income from work exceeding 300,000 euros. In addition, it was intended to raise from 23% to 27% the rate to capital income of more than 140,000 euros.

Along with this, and in the business world, the Socialists proposed to set a minimum tax rate of 15% Companies -18% for banks and oil companies-, as well as limiting to 95% the exemption for dividends and capital gains obtained abroad. .

The PSOE seems to renounce now, however, to set a specific surcharge for financial institutions in the corporate tax. However, it does commit itself to continue with fiscal measures already announced such as the tax on financial transactions or the "Tobin tax" and the rate for digital services ("Google rate") and greater environmental taxation that discourages pollution.

In the case of these last three encumbrances, the Socialists propose "promoting harmonization at the European level", when in their Budgets they intended to implement unilateral and uncoordinated way with European partners. Moreover, the Government of Sanchez has said that it does not waiver to go ahead with the so-called "Google rate" despite the fact that the Ecofin comes from leaving in the air the proposal for the lack of agreement between the Twenty-eight.

Higher public spending

The justification of the PSOE is that Spain needs to bring its level of collection, from 37.9% of GDP, to the European average, seven points higher, and criticizes the proposals for massive tax rebates. "The right is aimed at the theory of fiscal liberation, that money is better in people's pockets and this is nothing more than a fallacy," Finance Minister María Jesús Montero said yesterday.

Sanchez would also have to resort to the "Impuestazo" to cover the rosary of measures of higher spending of your program, which contemplates, among other things, a minimum vital income to eradicate child poverty, review the pharmaceutical copayment, add oral health to public health, recover the basic income from emancipation for rent and link pensions to the CPI.


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