The state that taxed millionaires to support doctors, students, and businesses

People with assets worth over 200 million pesos, or $2.3m, will pay taxes of about 3 per cent for their declared domestic assets and over 5 per cent taxes on assets abroad.

Some 12,000 wealthy people will be affected by these taxes, while the government is hoping to raise about $3 billion. The money will also be used for stock exchanges and social aid, writes the BBC, broadcast the newspaper Express.

Senators of the remote state of South America approved the tax known as “the tranche of millionaires” last month. The tax was proposed by President Alberto Fernandez, but was criticised by the opposition, calling it the “the confiscated task”.

Argentina has been hit hard by pandemic, which has contributed to the increase in poverty rates. Nearly 40 percent of the population live in poverty, while the unemployment rate is 11 percent.

So far, Argentina has recorded nearly two million infected and over 47,000 deaths from Coddy-19.