Ramón Álvarez de Miranda said yesterday that the Tribunal de Cuentas, Spain's tax court, will start to tax household savings in an effort to govern public jobs. National policymakers are hurting Spanish savers with policies like this.
The court's report end years after the period that they looked at, which dilutes its political efficacy. Looking at the people involved, it is hard to say whether the institution acted independently. An audit is not enough. The Tribunal de Cuentas has to undergo sweeping reforms and start to run itself independent of political interests. If it can't do that, it will be nothing more than a costly and frivolous institution.
