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  • Congress debates contribution of millionaires to the crisis, Buenos Aires, Argentina, Nov. 17, 2020

    Congress debates contribution of millionaires to the crisis, Buenos Aires, Argentina, Nov. 17, 2020 | Photo: Twitter/ @JosMChacn2

Published 17 November 2020
Opinion

Political, social, and workers organizations called for caravans to support the project's approval.

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.

Twenty percent of the proceeds will be used for the purchase and/or development of critical equipment and supplies for the health emergency, 15 percent for programs for the development of popular neighborhoods, and another 25 percent for natural gas exploration, and development programs.

Political, social, and union organizations called for caravans to support the project's approval. Te caravans will meet in the epicenter at the Congress and the Obelisk after passing through the main avenues of Buenos Aires.

It is estimated that the session will last over 15 hours, since only the project of the Contribution will last over 12 hours because of the great number of speakers who will be registered in the debate, parliamentary sources informed.

 
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