Automatically translated from Basque, translation may contain errors. More information here. Elhuyarren itzultzaile automatikoaren logoa

Capitalist attack on tax reform

  • Since its arrival in the Moncloa, the Spanish Government of the PSOE has said that it wants to undertake a tax reform that affects large companies and fortunes. This reform would entail a rise in taxes such as the “Tobin” tax rate and a change in the tax situation of Sicav equity investment companies. The Tobin tax would become the tax on financial transactions and on the Sicav, which are the instrument preferred by the great fortunes to channel their savings. With this reform, sustaining public pensions would be easier. In the Spanish State, especially in Hego Euskal Herria, important mobilizations are being carried out to shield pensions.

But the intention of the Spanish Government is already in the spotlight of capitalism, the companies and the stock exchange banks that represent it have launched an offensive to prevent reform. A few days ago, the chairman of the National Securities Market Commission (CNMV) opposed the Tobin tax and the modification of Sicav taxes. His argument: “Such a tax would affect the competitiveness of our market,” and in addition, Sicava “is an important business for the Spanish financial sector.” Thus, if the tax system were to be amended, “capital would move to other markets”.

It is clear that the capitalist offensive aims to curb the current Spanish government in order to protect the interests and businesses of its privileged members in banks and companies. They are so “patriots” that they just want to keep accumulating more profits. They don't need a public pension, like most people. The PSOE Government cannot fall into that trap.


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