Bolivia’s President-Elect Arce Vows to Tax Millionaires, Cut VAT

Bolivia’s president-elect Luis Arce plans to introduce legislation to impose a wealth tax on the country’s millionaires and cut value-added taxes.

The wealth tax proposal will apply to individuals with a personal fortune of least $5 million with the wealthiest paying at a higher rate. Businesses won’t be included in calculating total personal wealth, Arce said during a speech on national television Wednesday.

Exit polls showed that Arce won more than half the votes cast in the Oct. 18 presidential election. He is expected to be sworn in sometime next month. His Movement Toward Socialism party is ...