Brazil Congress Approves Bill to Tax the Rich, Raise Revenues
- Measure is key to Lula, Haddad’s zero-deficit target for 2024
- Bill taxing offshore, exclusive funds still needs Senate vote
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Brazil’s lower house of congress on Wednesday approved legislation creating new taxes on the country’s wealthiest residents, a boost for President Luiz Inacio Lula da Silva’s plans to increase government revenue and balance the nation’s budget.
Lawmakers voted 323-119 to approve a bill to tax offshore and exclusive funds, a priority for Finance Minister Fernando Haddad as he seeks to deliver on his pledge to zero Brazil’s primary deficit in next year’s budget.