Restlessness And Blocking Of Investments

The Government reconfirmed with its tax package presented on Thursday its tax policy based on punishing the wealthiest sectors of society and large companies.

In fact, it makes them the great financiers of tax cuts aimed at alleviating the impact of inflation and the crisis on the most vulnerable classes, SMEs and the self-employed. Measures that, on the other hand, are clearly insufficient. Thus, the last electoral tax of the Executive to the so-called rich will mean an extra collection of 1,500 million, for the 2,439 million that the public coffers will receive with the new tax package aimed at the large Ibex companies.

A blow that is added to the incontestable fact that the tax pressure on those who earn the most is already considerable. This is demonstrated by the fact that the marginal rate in personal income tax in Spain is the fourth highest on a European scale, with 54%. As was more than predictable, the recent hack of the Government has generated concern among the great fortunes. This is how the bank recognizes it, admitting that inquiries from its high-net-worth clients are growing.

Many of them seek advice before the option of leaving the country to avoid the tax. Something that is not likely since the tax is applied to wealth worldwide. All in all, the economy will receive the harmful impact of the unjust punishment of the rich.

The great fortunes seek advice in banking before a new tax punishment that scares investment

Specifically, the new rate will drive away foreign investors from Spain, who will take their money to other countries (such as Portugal) with less eagerness to collect. But in addition, the blow to people and companies with more resources to invest is a clear brake on economic stimulus, since it reduces their ability to create wealth and employment.

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