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Spain Braces for Renewed Austerity as Tax Take Hemorrhages
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A big problem Spain is facing is that the room for spending cuts is shrinking and new taxes are not generating higher tax revenues for the government. Tax receipts declined by 1.5% in the Jan-May 2012 period even with the higher taxes on income, electricity and tobacco. The revenues from VAT, value added tax, declined by 10%. Spending to aid regional governments increased by 12% and interest payments increased by 32%. Under the government of prime minister Zapatero tax income declined by 19% in 2007-2011, even after adding higher taxes on the wealthy, increasing the VAT tax and scrapping of a tax rebate. The government predicts domestic demand will decline by 3.1% in 2012. Ms Cospedal who is cutting spending in the Castilla region near Madrid, a deputy leader of the ruling Partido Popular, says in some regions the margin for additional savings is "becoming small."
Declining tax revenues after higher taxes and the burden of both higher interest payments and aid to regions is hurting Spain in 2012-2013
07/22/2010
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Spain Braces for Renewed Austerity as Tax Take Hemorrhages
Unknown 07/10/2012
Euro Zone Eases Budget Demand on Spain
Wall Street Journal 07/10/2012
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New York Times 07/20/2012
Spain gets an extra year till 2014 to bring budget deficits down to below 3%
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A decline in GDP is leading to lower tax revenues leading to a relaxation of deficit targets. Spain faces an unemployment rate of 27% in 2012
Linked Articles
Euro Zone Eases Budget Demand on Spain
Wall Street Journal 07/10/2012
Spain Braces for Renewed Austerity as Tax Take Hemorrhages
Unknown 07/10/2012
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