Sharing the Cost of the Crisis

Abstract

In late July, the two political parties supporting the Spanish Government (the socialist party and the leftist Podemos) presented a proposal for approving a law on the windfall profits of banks and large energy companies in Parliament. This is supposed to tax companies earning extra profits from the recent price increase in energy and the financial sector which was slightly affected by the increase in inflation but will have a considerable profit from the rise of interest rates. The bill could serve as an example for other European countries.

Keywords

• Übergewinnsteuer, Crisis, energy crisis, Spain, Windfall tax