Spain’s govt wants windfall tax on banks, energy companies

MADRID (AP) — Spain’s Socialist-led coalition government wants large energy companies and banks to pay a windfall tax, which officials hope will yield around 7 billion euros (dollars) over two years. The government delivered its proposal to parliament Thursday, with a debate and vote scheduled for after the summer recess. Officials say the tax would apply to about 20 major corporations. The companies would be prohibited from passing the cost on to customers and watchdog bodies would monitor their compliance. The government says the tax proceeds would help pay for measures aimed at alleviating a cost of living crisis, including high energy bills.