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Spain: Tax cuts in 2014 for low-income earners

Thursday - 12/26/2013, 12:58pm  ET

FILE - In this Sept. 29 , 2012 file photo, Spain's Finance Minister Cristobal Montoro speaks during a news conference at Parliament in Madrid, Spain. Montoro has told a business newspaper Expansion on Thursday Dec. 26, 2013 that the government plans to cut income taxes for low-income Spanish families in 2014 but that citizens in higher income brackets won't get the same windfall until the country's economy emerges from a prolonged crisis. Montoro said the administration of Prime Minister Mariano Rajoy predicts the Spanish economy will expand by 1 percent in 2014 after a punishing recession lasting years.(AP Photo/Andres Kudacki, File)

MADRID (AP) -- Spain's finance minister has told a business newspaper that the government plans to cut income taxes for low-income Spanish families in 2014 but that citizens in higher income brackets won't get the same windfall until the country's economy emerges from a prolonged crisis.

In an interview published Thursday, Cristobal Montoro did not tell the Expansion newspaper how much taxes will be lowered for low-income earners or specify the income levels they must have to receive the benefit.

Montoro said the administration of Prime Minister Mariano Rajoy predicts the Spanish economy will expand by 1 percent in 2014 after a punishing recession lasting years.

Rajoy has pushed through waves of austerity-driven, unpopular tax hikes and government program cutbacks since taking office in 2011, to reduce Spain's budget deficit.


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