Argentina passes one-time personal wealth levy dubbed ‘millionaires’ tax’ to cover Covid-19 damage ...News

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Argentina passes one-time personal wealth levy dubbed ‘millionaires’ tax’ to cover Covid-19 damage
source : Russia Today ( News ) () 36
Argentina has approved an extraordinary levy on large personal wealth. The measure is meant to raise some $3.6 billion to fund recovery after the Covid-19 pandemic. Critics say it’s not an option for the stagnant economy. The so-called “millionaires’ tax” was approved in the Senate late on Friday in a 42 to 26 vote. The measure targets Argentinian citizens with declared personal wealth of over 200 million pesos ($2.5 million). It will apply a progressive tax rate of at least 2 percent on their total fortunes, including assets they may hold outside the country. The tax was earlier passed by the lower chamber of the Argentine parliament,

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