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.
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