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Chile Approves $2 Billion Tax Increase to Address Protests

Jan. 29, 2020, 8:55 PM

Chilean lawmakers approved wide-ranging legislation that promises to boost tax revenues by $2 billion annually from 2021, helping to fund increased welfare spending in the wake of widespread social unrest last year.

The bill, cleared by the legislature on Wednesday, will add a new 40% band of personal income tax for individuals earning more than 15 million ($19,000) Chilean pesos a month and impose a new tax on properties worth more than 400 million pesos.

Huge protests over rising living costs that began in October prompted a radical change in the government’s social agenda.

The government’s original ...

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