Posted on 12/05/2020 2:55:33 PM PST by ameribbean expat
Senators passed the one-off levy - dubbed the "millionaire's tax" - by 42 votes to 26 on Friday.
Those with assets worth more than 200 million pesos ($2.5m; £1.8m) - some 12,000 people - will have to pay.
Argentina has recorded close to 1.5 million infections and almost 40,000 deaths from the coronavirus.
It has been hit hard by the pandemic, becoming the fifth country worldwide to report one million confirmed cases in October despite only having a population of about 45 million people - making it the smallest nation at the time to surpass that figure.
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Those affected will pay a progressive rate of up to 3.5% on wealth in Argentina and up to 5.25% on that outside the country.
AFP news agency reports that of the money raised, 20% will go to medical supplies, 20% to relief for small and medium-sized businesses, 20% to scholarships for students, 15% to social developments, and the remaining 25% to natural gas ventures.
(Excerpt) Read more at bbc.com ...
Plank #1 of the Communist Manifesto: A graduated tax.
A government’s first and only priority is its survival. It will take what ever is needed to survive.
Why not just borrow the money and default like they usually do? Is the IMF finally wising up?
Talk about full of pork. How do they tax your “assets,” which have already been taxed once before? Ask for your brokerage account statements?
BUENOS AIRES, March 3 (Reuters) - Argentina's inflation rate will be 40% in 2020, according to a central bank poll of analysts released on Tuesday, down from an estimated 41.7% in the same poll taken by the monetary authority a month earlier.
https://www.nasdaq.com/articles/argentinas-2020-inflation-rate-forecast-eases-to-40-central-bank-poll-2020-03-03
Only 20% to medical supplies
80% to non medical and unrelated items
Yep
Socialists
to the ultra rich, its pennies....but just wait til if filters down to the upper middle class, and then the middle and working classes....
Why should anyone believe this? In practice, doesn't the money get placed into a general fund to be used to help re-elect incumbents?
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