(BN) Spain Will Temporarily Raise Taxes to Plug Bigger-Than-Forecast 8% Deficit

Bloomberg News, sent from my iPhone.

Spain to Temporarily Raise Tax on Income, Savings, Large Homes

Dec. 30 (Bloomberg) — Spanish Prime Minister Mariano Rajoy’s government plans to temporarily raise tax on income, savings and high-value homes after the euro-region’s third- biggest budget deficit topped forecasts for this year.

The government will raise the levies for two years in a bid to move the deficit toward the euro-region limit of 3 percent of gross domestic product. The deficit this year will reach 8 percent, more than the 6 percent forecast by the outgoing government that Rajoy unseated in Nov. 20 general elections, said government spokeswoman Soraya Saenz de Santamaria at a press conference in Madrid.

To contact the reporter on this story: Angeline Benoit in Madrid at abenoit4

To contact the editor responsible for this story: Andrew Davis at abdavis

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Vitus Feldmann

Ex-Professional Soccer Player, International Banker, International Business and Soccer Analyst. Global Marketing & Social Media Leader. Communicator and Connector! I help businesses and individuals to do better marketing and social media marketing. My focus is revenue creation because that is what keeps the business going. I am in business for over 30 years and I have learned to question the status quo. The ability and willingness to do so has given me an edge in my job. Marketing, especially social media marketing is fast paced. Today, nothing is like yesterday and tomorrow is different from today. Your business suffers, if you don't adjust. I am also an avid photographer and my favorite "model" is New York City.

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