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A new wealth tax introduced by Spain as part of measures aimed at easing the cost of living of ordinary Spaniards amid high inflation was endorsed by the Constitutional Court, it said on Tuesday. The court rejected an appeal lodged by Madrid region which considered the levy infringed its regional prerogatives, the court said in a statement. In late 2022, the leftist coalition government introduced the temporary Solidarity Tax on Large Fortunes for 2023 and 2024, effectively banning regional waivers on an existing wealth tax such as the ones Madrid had enforced, which in recent years has vied with Miami to attract Latin American rich.

United statesIsabel rodriguezPedro sanchezEd osmondEmma pinedoConstitutional courtBudget ministrySolidarity taxLarge fortunesLatin americanPrime minister pedro sanchezInti landauroIsabel rodriguezWealth taxMadrid region