Argentina’s upper house of congress has passed a bill that will eliminate income taxes for nearly all formal workers, putting additional strain on the country’s already ballooning fiscal deficit and high inflation rate. The legislation, supported by Economy Minister and presidential candidate Sergio Massa, aims to gain support ahead of the upcoming presidential elections. While this measure temporarily exempts 99% of salaried workers from income taxes, the new law will permanently eliminate the tax for most workers, with only those earning the equivalent of 15 federal minimum wages still required to pay. This move, combined with increased government spending, poses risks to Argentina’s program with the International Monetary Fund.
https://www.bloomberglinea.com/english/argentinas-senate-approves-bill-to-eliminate-income-tax/