Sunday, December 6, 2020

Expropriating Argentine Multi-Millionaires

   The Argentine Congress passed a law taxing multi-millionaires and, in the same law, extreme environmental measures against rural fires. Basically, a field devastated by fire cannot be cultivated again and becomes something like an environmental reserve. Regarding the wealth tax, the upper ten thousand will have to pay about 5% of its worth, and the double if the money is stationed in foreign banks. The cutting point is a declared capital (liquid and real estate) of 2.3 million US$. I am shocked that the middle class 2.3 million dollars puts one in the multi millionaire category, since any penthouse in Israel is worth that, and most shocking is that only ten thousand persons qualify. Credit Suisse and HSBS would not even talk to those paupers. There are at most only three or four billionaires among 45 million Argentines, according to the wiki. Argentina is not a country that produces rich people anymore.

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