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Tax-the-Rich Initiatives Gain Support Across Latin America

April 8, 2021, 11:00 AM

Initiatives to tax rich people are gaining support throughout Latin America, the world’s most unequal region, as it struggles to recover from its worst recession in two centuries.

In recent months, legislators in Chile and Mexico have proposed levies based on an individual’s net worth, as has one of the front-runners to be Peru’s next president. Colombia’s finance ministry will send a proposal for a new wealth tax to congress over the coming days, while Argentina and Bolivia have already passed similar measures.

Government debt rose to 79% of the region’s gross domestic product last year, its highest...

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