Spain to Increase Tax on the Rich With $2.9 Million in Assets

Spain announced plans for a new wealth tax, its second, as it continues to seek ways to raise funds to pay for social policies amid soaring inflation.

The new wealth tax will apply to people who have assets worth at least €3 million ($2.9 million) a year for 2023 and 2024, the Budget Ministry said in a presentation Thursday. Payments made against an existing wealth tax will be deductible from the new one, it said.

The tax will have three ranges:

• Between €3 million and €5 million, taxpayers will pay 1.7% of the value of their assets
• Between €5 million ...