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Zapatero anounced Taxes 'for the rich'

Wed 19th May 2010

The nation will raise taxes for those with a higher income in order to help reduce at the country's deficit, Zapatero announced on Wednesday.

The Spanish Prime Minister said most Spaniards agree that a special effort should be expected from those better off as the government imposes it's austerity measures, such as cutting the salaries of civil servants and freezing pensions.

He gave no exact details, but said that any such increase in taxes would be of a "limited" nature and would not affect the middle classes.

"In my opinion, any citizen feels that the effort should be greater from those who have more," the Socialist PM told a news conference during an EU meeting.

The government proposes to implement the increase when it "deems it appropriate, in line with its program for deficit reduction."

Just last week the government announced the public sector wage cuts and other spending reductions under pressure from the EU to get the countries deficit down. Last year's deficit stood at 11.2% of GDP, way in excess of the EU limit of 3%.

The cuts, which are also affecting government investment, overseas aid and other spending, are intended to save 15 billion euros by the end of 2011.

The Cabinet is expected to approve the spending cuts in a decree on Thursday.

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