Argentine deputies approve taxation of large fortunes | World

The government deputies got the support of 17 opponents to get the necessary majority to approve the measure. There were 133 votes in favor, 115 against, and two abstentions. The bill will now be evaluated by the Senate.

The measure was proposed by the government of Alberto Fernández, which aims to raise around US $ 3 billion with the tax. Opponents say the project is a “confiscation” and will cause businessmen to reduce investment in the country. For them, a better way would be to fight tax evasion and target big fortunes in tax havens.

According to the text of the project, the mandatory contribution will be unique. People who declare assets of more than 200 million pesos (R $ 13.2 million) will be taxed at 2.5%. The tax rate grows progressively, reaching 3.5% for those who have more than 3 billion pesos (R $ 198.2 million) in assets in Argentina.

The Federal Administration of Public Revenue (Afip) says that the tax will be collected from 9,298 taxpayers. According to estimates by the Frente de Todos, the coalition headed by Fernández, half of the people in that group have fortunes of between 200 million pesos and 400 million pesos.

The government promises to use tax money to buy healthcare equipment to fight the covid-19 pandemic, help small businesses with subsidies and measures to boost credit, urbanize low-income neighborhoods with works that employ residents. local schools and finance a plan so that young people can continue studying.