Argentina: Congress Debates to Tax Large Fortunes to Face Crisis

Argentina's Tuesday Congress debates whether the country could count for the first time in its history with a measure that forces the holders of great fortunes to contribute -for one time only- to ease the crisis produced by the COVID-19 pandemic.

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The project seeks to raise more than US$37 billion for productive and sanitary plans.

The initiative contemplates that individuals with assets over 200 million pesos will pay, for one time only, a contribution that will have a progressive rate of 2 to 3.5 percent.

This rate will rise to 2.25 percent in cases of fortunes between US$3 million and US$4 million, 2.50 percent between US$4 million and US$7 million, and 2.75 percent between US$7 million and US$10 million.

The rate will rise to 3 percent when assets are between US$9 million and US$18 million, to 3.25 percent for fortunes between US$18 million, and US$37 million, and from that figure it will be 3.5 percent.