Ada Colau's 'Tax the rich': 2% on fortunes above one million euros, 3% above 50 million

Ada Colau, candidate of Spain's Frente Amplio for the 29-N election, presented a fiscal reform she calls "Tax the rich," La Vanguardia reports. Its centrepiece is an annual tax on net wealth of 2% above one million euros and 3% from 50 million. The coalition says it would affect about 231,000 people, roughly 1% of income-tax filers, and that the country's 1,200 largest fortunes, above 50 million, would provide a third of the revenue; together with new levies on banks, large companies and the accumulation of housing, it targets 10,000 million euros a year. "No existe un derecho a acumular riqueza en ninguna carta de derechos humanos," Colau said. She also wants to raise the effective tax rate of banks and big groups, currently between 7% and 9% against the 19% or 20% paid by smaller firms.