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Spain May Raise Income Tax Again, & Reduce Pensions

Source: Bloomberg - Mon 20th Aug 2012
 Spain May Raise Income Tax Again, & Reduce Pensions

Spain may raise income tax again and cut expenditure on pensions in order to meet its budget deficit target and avert a bailout, El Pais reported, citing unidentified people in the government.

Government tax revenue, needed to reduce Spain's deficit to 6.3 percent of gross domestic product by year end, has fallen despite increases in value added tax and personal income tax earlier this year, El Pais said.

If the decline continues the government will raise income tax again and break an electoral pledge not to reduce pensions, the newspaper said, adding that Budget Minister Cristobal Montoro will present the latest data on tax collections in September.

Comment on this Story

Pessimistic : Yesterday's news ( Click > Here < ) said how there is now just 1.9 people paying into the Social Security system for each 1 person making a claim. It doesn't take a genius to work out that this ulimately means that fewer and fewer people will eventually be asked to pay more and more money into the system, and that more and more people will be unable to pay even the most basic of bills.... sad times ahead !
Tumbit - Admin - Tue, 21st Aug 2012

Well well well.... A Government breaking an electoral pledge......whatever next!!!?

I have just received notification of a further increase in my electricity bill and of a further increase to come in the Autumn..... funny how the government controls electricity charges and NOT the individual suppliers.....

Pessimistic - Tue, 21st Aug 2012

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