Argentina to Hit the Rich With Wealth Tax as Covid-19 Costs Rise

Argentina’s Senate late Friday approved a proposed one-time wealth tax, which seeks to boost government revenue by targeting millionaires with assets of more than 200 million pesos ($2.4 million).

The legislation, which had already passed the lower house, was promoted by the governing coalition and spearheaded by lawmakers Carlos Heller and Maximo Kirchner, son of Vice President Cristina Fernandez de Kirchner. It seeks to plug a gap caused by a plunge in government revenue due to the strict lockdown authorities imposed to fight the pandemic -- with limited success.

“This is a unique, one-time contribution,” said Senator Carlos ...