Spain's Sumar coalition proposes raising crypto tax rate to 47%

Spain's left-wing Sumar coalition has proposed a tax law amendment that would raise the maximum tax rate on cryptocurrency income to 47%, Cointelegraph reported. The bill aims to reclassify crypto earnings by incorporating them into the general income tax category, rather than treating them as profits from non-traditional financial assets. This change would increase the maximum personal income tax rate on crypto from the current 30% to as high as 47%, while corporations would be subject to a single 30% rate.