Portugal’s Parliament voted to press ahead with a record austerity budget that would add taxes to pay, purchases and property. It’s the most far reaching set of tax hikes in modern Portuguese history, and it is being bitterly opposed by parliamentary Socialists, organized labour and street protests. It also faces a challenge in the Portuguese constitutional court where it may be declared illegal.
Portugal’s Parliament is about to pass one of the most hard-hitting austerity budgets in its history. Confounding the assumption that taxation goes with spending, the budget offers both severe cutbacks and record tax hikes.