Argentina wants to finance the corona aid for small businesses and the socially disadvantaged with a special tax for the rich. The Senate in the capital Buenos Aires decided on a special levy for the 12,000 richest people in the country. The government of President Alberto Fernández hopes that the measure will generate the equivalent of around three billion euros. The one-off tax, known as the “millionaire tax” in Argentina, affects Argentinians with assets of more than two million euros. According to the law that has now been passed, the rich have to pay a tax of up to 3.5 percent on their wealth at home and up to 5.25 percent on their wealth abroad. The government says it plans to provide 20 percent of the revenue for medical care in the country. The rest will go to companies, scholarships for students and social development measures.

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