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News > Argentina

Argentina's Congress Considers Taxing Big Fortunes

  • Argentina's Congress meets virtually, Buenos Aires, August 29, 2020

    Argentina's Congress meets virtually, Buenos Aires, August 29, 2020 | Photo: Twitter/ @midiazes

Published 29 August 2020 (18 hours 52 minutes ago)
Opinion

This contribution is a tool to accompany the government in the measures it is taking so that Argentina can move forward.

Starting next week, the Argentine Congress will debate a tax on large fortunes, a project presented by the Frente de Todos coalition that seeks to increase the tax burden on those with greater wealth.

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The tax will reach those who have declared a wealth of over US$2,5 billion by the end of 2019. It will have an aliquot of between 2 percent and 3.5 percent.

"In the four years of Mauricio Macri's administration (2015-2019), taxes were no longer collected from individuals and companies with greater patrimony for the accumulated equivalent of seven points of the Gross Domestic Product," the Frente de Todos coalition stated.

This contribution "will allow financing the recovery of the economy," the coalition added.

The Extraordinary Solidarity Contribution project will allow the State to collect US$4 billion.

"This contribution is a tool to accompany the government in the measures it is taking so that Argentina can move forward," said the president of the Frente de Todos block of deputies, Maximo Kirchner.

"The proposal is solidary and extraordinary because it is a one-time contribution to help contain the effects of the pandemic. It is a necessary measure at an exceptional time," Lawmaker Santiago Cafiero tweeted.

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