Spanish Prime Minister Pedro Sánchez Vows to Raise Taxes on the Wealthy

Spanish Prime Minister Pedro Sánchez affirmed on Wednesday that he will “work towards the approval of a State Budget that bears the hallmark of the progressive government” and that will include a more progressive tax system where “those who have more will pay more.”

Pedro Sánchez officially launched the new political and economic term, which is expected to be one of the most challenging and uncertain in recent years. He made his remarks at the Instituto Cervantes in front of around 150 social representatives from various sectors, supported by the senior members of his government—with a notable exception. First Vice President and Minister of Finance María Jesús Montero was absent as she was addressing the Senate in an urgent session “to report on the fiscal secessionism agreed with their partners bilaterally and outside the common system of financing for autonomous communities,” according to the agenda of the Upper House.

In his speech, which was consistently peppered with criticism of the opposition, particularly targeting Madrid’s low-tax model, Sánchez stated, “We will work for the approval of a State Budget that carries the mark and stamp of this progressive government.” He hinted that the budget, whose parliamentary majority for approval is currently uncertain, will deepen the focus on “a more progressive tax system where those with the most will pay more.” Sánchez emphasized, “We will limit the benefits certain elites enjoy, and we will tax those who have enough money in the bank to live 100 lives,” signaling a clear fiscal offensive against high-net-worth individuals.