The Frente Amplio estimates its proposed wealth levy would affect about 231,000 people, while 99% of the population would remain outside it. The figures come from the party, which says those affected would represent roughly 1% of income-tax filers. Spain already has a net wealth tax, the Impuesto sobre el Patrimonio. The proposal would change the existing tax framework.
Under the plan, people with fortunes above €1 million would pay 2% a year on the total value of their assets. The rate would rise to 3% for fortunes exceeding €50 million. The party announced the proposal for its election programme; it is not an existing tax rate.
At a Nueva Economía Fórum event at Madrid’s Ritz hotel, Colau argued that Spain has room to raise revenue because its tax burden is three to four percentage points below the European average. She said the aim was to strengthen public services and support pensions. The OECD reports that total tax revenues across its member countries range from 18% to 45% of GDP.
The Frente Amplio says the 1,200 largest fortunes, each above €50 million, would contribute a third of the levy’s revenue. It also proposes raising the effective corporation-tax rate paid by large companies and banks. Colau said they currently pay 7% to 9% of profits, compared with 19% to 20% for small and medium-sized businesses. She called for tax reliefs for large corporate groups to be reviewed.
To support its case, the party cited bank profits of €29.253 billion through September, up 15% year on year. It also said Spanish companies declared profits of €220 billion in 2007 and exceeded €400 billion in 2025. These figures are the Frente Amplio’s claims in support of its tax proposals.
The party says its proposed changes to wealth and corporation taxes, along with a tax on owners who rent out four or more homes above a specified price, could raise more than €10 billion. The Spanish Ministry of Finance publishes annual statistics on declarants of the Impuesto sobre el Patrimonio through the Agencia Estatal de Administración Tributaria (AEAT). Its tax portal lists 2024 as the latest year for that series and 2022 for the Directorate-General for Taxation’s detailed analysis. A separate economic issue affecting Spanish businesses is the proposed US charge on Spanish-flagged ships, covered in an earlier report.
