Increased Taxation Of The Rich In Spain

Having written previously on the logic and desirability of increasing taxation on the wealthy, I was heartened to learn that Spain recently increased its rate for those with real estate assets (excluding their principal residences), stocks and bank holding of more than 700,000 Euros annually. It is expected to raise revenues of about €1.08 billion if applied uniformly.

While including real estate holdings in the calculation may strike some as excessive, the measure at least cuts through the deafening silence with which the suggestion to increase taxation levels is met by all three of Canada's major political parties, not to mention the scorn that was heaped on Warren Buffet by the American right-wing for advocating such measures.