Spain’s leftist government says it will cut the income tax on lower-income households to help hard-hit consumers grapple with soaring inflation.
Budget Minister Maria Jesus Montero says the government will reduce the income tax on people earning up to 21,000 euros per year, or one in two workers,
She confirmed the government will slap a new tax in 2023 and 2024 on residents whose wealth exceeds three million euros to help pay for inflation relief measures.
Prime Minister Pedro Sanchez’s government announced last week that it would create a temporary tax on the wealthiest population without giving details.