Argentina’s Ruling Coalition Plans One-off “Solidarity Tax” on 12,000 Wealthy Taxpayers

The proposed legislation is another move by President Alberto Fernandez’s government that hurts Argentina’s business climate.

RIO DE JANEIRO, BRAZIL - Argentina’s ruling coalition, Frente de Todos, is seeking to impose a one-time tax on wealthy citizens as part of a strategy to solidify the alliance’s populist credentials while boosting government revenue amid a deteriorating economic crisis.

The so-called “solidarity” tax would apply to approximately 12,000 Argentines who have over 200 million pesos (US$ 2.7 million) in assets, according to a statement by the coalition’s press office in the lower house of congress, where the bill was presented last Friday. The tax would scale up to as much as 5 . . .

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