SPAIN NEARS IMPLOSION: Finance Minister Proposes Huge Tax, Businesses Threaten To Leave
Mike “Mish” Shedlock
Jul. 22, 2012
Cristobal Montoro, the Spain’s finance minister has made a liquidity destroying proposal to tax short-term financial transactions at an astonishing 56% tax rate. Businesses are already upset over hikes in the VAT and have threatened to leave Spain.
Interestingly, in spite of raising taxes elsewhere, the VAT was lowered on the highly subsidized renewable energy sector.
Why? Here is the answer: “Secretary of State for Finance, Ricardo Martinez Rico, is the leading advisor in the industry”.
Prepare for Spanish Implosion