Chile’s Lower House Rejects Wealth Tax Criticized by Investors
- Proposal backed by 79 lawmakers, short of 92 votes needed
- Senators may try to reintroduce wealth, corporate tax
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Chile’s lower house of congress rejected proposals for a wealth tax and higher corporate levies, marking a major setback for legislation that’s been criticized by investors and President Sebastian Pinera’s administration.
The wealth tax was backed by 79 lawmakers, short of the 92 needed, in an article-by-article vote on Tuesday. Legislation that would have raised the corporate tax rate to 30% from 27% also failed to pass. There’s still a chance that senators may try to reintroduce the measures in coming weeks.