translated from Spanish: The government introduced the ‘Wealth Tax’, what is it about?

After several months and different promises of ‘imminent’ presentation, officialism in the Chamber of Deputies sent the project stipulating an ‘extraordinary contribution’ of the greatest wealth to the country with a progressive aliquot.” The big fortune tax never ceased to be at the top of the table. We always said that we would present it when we thought it was appropriate,” said Deputy Carlos Heller, the main driver of the measure along with Maxim Kirchner.

The project, which has the go-ahead of the Casa Rosada and the Ministry of Economy, foresees the implementation of a rate ranging from 2% to 3.5% and will cover fortunes between $200 million and $3 billion. According to calculations made within the Government, this contribution could reach between 12 thousand and 15 thousand large contributors, and the estimated revenue would exceed $300 billion, vallejos stated.

The Argentinians and Argentines expected it.
The extraordinary contribution begins its parliamentary journey and, I have no doubt, we will make it law.
It will be more than $300 billion of contribution from the wealthiest in pursuit of a fairer and more supportive country — Fernanda Vallejos (@fvallejoss)
August 28, 2020

According to the document circulated by the officialist bloc, the highest aliquot would reach less than 300 people. In addition, goods declared abroad will have 50% higher aliquots. In the event that the taxpayer decides to repatriate 30% of the financial holdings, that surcharge is eliminated.

The project is approved by Martín Guzmán and Alberto Fernández

Heller, Kirchner’s accounts stipulate a collection of 300 billion pesos for the extraordinary contribution, which does not function as a tax in legal and technical terms. The money raised will be distributed, as reported by the official bank to: 
Buy health equipment for the pandemic
Credits and subsidies for SMEs
Popular neighborhood urbanization plan that employs neighbors in each neighborhood
Investing in YPF to produce and package natural gas
Relaunching the PROGRSAR plan

The project met criticism from the opposition and the entrepreneur, who demonstrated when the idea was leaked and a draft in April, while quarantine was going through the first month. To be approved in the Chamber of Deputies, officialism needs 129 votes, of which it now has 119. It is hoped that after negotiations will reach that number with opposition leaders and in the Senate will be approved with the majority held by the Front of All. 

Original source in Spanish

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