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Ciudadanos Targets Easing of Spain's Deficit Goals From 2017

  • Cutting public sector to save $11 billion a year, Rivera says
  • Rivera to reduce income and corporate tax, reduce writeoffs
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The pro-market party Ciudadanos will seek to ease restrictions on Spain’s budget deficit from 2017 if it wins power in December’s election, leader Albert Rivera said.

Rivera plans to win over Europe’s budget police with a wide-ranging program of economic reforms that include cutting 10 billion euros ($11 billion) of annual spending by eliminating provincial governments and merging some town halls. He also wants to lower income tax rates by three percentage points and cut the main corporate tax rate to 20 percent from 28 percent while reducing the number of writeoffs. The tax cuts will cost 7.8 billion euros, he said.