PURE POPULISM that will reap just peanuts:

The Spanish government plans to reintroduce on Friday a wealth tax that it scrapped just three years ago as it scrambles for ways to reduce the budget deficit and avoid becoming the next victim in the European sovereign debt crisis. 

[...] The Spanish government removed the tax in April 2008, shortly after José Luis Rodríguez Zapatero was re-elected as prime minister. Its reintroduction is likely to be the last legislative measure taken by the Socialist government before a general election on Nov. 20.

They're so behind in the polls that they need to energize their base no matter what.

UPDATE. Much better explained at the WSJ.