Argentine Senate passed the “Rich People’s Tax” bill, with a maximum tax rate of 3.5%.
According to a report by France’s Channel 24, the Argentine Senate passed the “rich people’s tax” bill submitted by the House of Representatives by 42 votes in favor and 26 against on the 4th local time, providing a legal basis for the government to collect wealth tax on the rich.
The Argentine government will levy a 2% wealth tax on rich people with domestic assets of more than 200 million Argentine pesos, or about $2.4 million. As their wealth increases, the tax rate will gradually increase, up to 3.5%.
It is expected that the number of people paying the tax may reach 12,000. The Argentine government plans to raise 300 billion Argentine pesos, or about $3.7 billion.
By collecting this tax to help people and projects affected by the COVID-19 epidemic, including the purchase of sanitary equipment, welfare subsidies and loans to small and medium-sized enterprises to increase employment.
