The Association of Technicians of the Ministry of Finance (Gesta) has supported the establishment of a globally coordinated tax that is in addition to the wealth taxes applied in each country, and in Spain would be collected on 27 large estates above 1,000 million euros.
Treasury technicians made these calculations following a report launched by the Brazilian presidency of the G20 that proposes a minimum wealth tax.
Specifically, Gesta points out that in Spain there is a solidarity of Wealth Tax and Large Fortune Tax, the latter taxing individual net assets exceeding 3,000,000 euros and with a minimum exemption of 700.00 euros in the tax base, with marginal rates ranging from 1.7% to 3.5% on excess amounts exceeding 10.7 million euros.
Treasury technicians have agreed with the report’s author, French economist Gabriel Zucman, who concludes that proportionate People with the greatest wealth pay less taxes than the majority of the populationAnd they have recalled that income tax imposes a more beneficial tax on capital income derived from large assets.
The Gesta also explains it in a similar way. The main tool of progressivism is the personal income tax and it does not apply effectively to the very rich.And given the example of a great fortune receiving one million euros in dividends, the effective tax rate is 26.78%, the same as that of workers or self-employed workers earning 42,092.64 euros.
In this regard, Gesta has urged the Spanish Government to modify the calculation rules for the solidarity tax on large fortunes so that the absolute quota is not limited, but only the liquidated quotas of personal income tax and wealth tax are taken into account.