The new tax on large fortunes will be more noticeable among Andalusians and Madrid residents. They will go from paying nothing for their assets to paying at least the installments of their tranche, about 5,100 euros if they have 4 million euros or up to 230,000 euros in higher amounts, according to calculations by the General Council of Economists published this Monday. The tax was born precisely with the aim of avoiding that in these autonomies nothing is paid in large fortunes, since the patrimony tax is subsidized.
It is applied to taxpayers with net worth of more than 3 million euros. In practice it is 3,700,000 euros, as there is a minimum exemption of 700,000 euros. To calculate it, the wealth tax must first be estimated, because it is then used for a calculation operation that sets the combined final payment.
The president of the General Council of Economists, Valentín Pich, has highlighted that "the new tax on large fortunes, except for low net worth, will equalize the tax on wealth in the different communities, which is going to suffer especially Andalusians and people from Madrid who, if it were not for the new tax, they would not make any disbursement for this concept”.
Thus, in minor patrimonies, in single taxpayers, without children and under 65 years of age who at the end of 2022 had a patrimony of 4 million euros, for the patrimony tax will be paid between 27,409.78 euros in Galicia to almost 60,000 in Extremadura. . On the opposite side, in Andalusia and Madrid you do not pay anything to be subsidized. But now with the new tax, a common quota of 5,100 euros will be faced in all the autonomies in this section of 4 million, so that in the final total, between wealth tax and great fortunes, Andalusians and people from Madrid will pay 5,100 euros when a year ago they paid nothing. In any case, they are far from the maximums that will be entered in other autonomies.
Aiming higher, for a single taxpayer, without children and under the age of 65, with a personal income tax base of 400,000 euros and assets of 40 million, the tax bill will amount to 271,131 euros in Extremadura, the maximum among the autonomies. Now Andalusians and people from Madrid will see similar payments when facing the quota of 230,672.80 euros for this section. They are the ones that will suffer a bigger jump, again when they go from paying 0 to more than 230,000 euros. Here the difference between the maximum and minimum payment in large estates is less, as Pich has pointed out.
With the introduction of the new tax there will be no changes in Aragon, the Balearic Islands, the Canary Islands, Castilla y León, Castilla-La Mancha, Extremadura, La Rioja and the Valencian Community. This occurs because the fee to pay in large fortunes is subtracted from the fee to enter the wealth tax in the autonomy. If the difference between what is paid in autonomy and what is due to large fortunes is negative, the new tax is not paid. For example, a Balearic taxpayer pays 247,658 euros for wealth tax. For tax on large fortunes, a fee of 230,672.80 euros would correspond. Since he has already fertilized them, leftovers, in his region, he doesn't have to pay it.
The Galicians will be other of those affected in the new panorama, with an increase in the final tax bill of about 96,000 euros, for the 16,000 of the Asturians, the 15,000 of the Murcians, the 13,000 of the Cantabrians and the 5,210 of a Catalan. This is due to the fact that for heritage they pay a lower tribute than what they will receive for large fortunes and they have to match it.
