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		</div><p>Spain’s Socialist-led coalition government is planning a temporary higher tax rate on the richest 1% of the country from next year, in addition to its windfall taxes on large energy companies and banks.</p>
<p>“We are proposing a redistribution of the effort, among those who have the most, to fund the welfare state, which is everybody’s,” Socialist Prime Minister Pedro Sanchez said in a speech on Friday.</p>
<p>Finance Minister Maria Jesus Montero said the measure targets only millionaires.</p>
<p>The expected increase in tax revenue will be used to alleviate hardship brought by higher prices for energy and food, she said. The annual inflation rate climbed to 10.5% in Spain last month.</p>
<p>The exact increase and scope of the tax measure are still being worked out, the government said.</p>
<p>The Socialists’ junior coalition partner, Unidas Podemos (United We Can), is pushing for the new tax to be permanent.</p>
<p>The current top rate of income tax, for those earning more than 300,000 euros (£265,000) a year, is 47%. The highest capital gains tax is 26%.</p>
<p>However, regional governments have some leeway on taxation, and some of them run by the conservative Popular Party — the country’s main opposition party — have been cutting taxes, saying that step will spur growth.</p>
<p>A debate and vote by lawmakers on the government’s proposed windfall tax on companies is expected in the coming weeks.</p>
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