Whether you are watching left-wing street protests in Brazil, in other Latin American countries, or even around the world, one slogan is likely to appear on signs and in chants, translated into various languages: “Tax the rich.”
A famous phrase to raise awareness against the inherent inequality of the global economy, this axiom is mistakenly regarded by many as a kind of secret recipe that would instantly solve all the existing economic disparities, especially in developing countries where income concentration is a sad reality.
Brazil, which is very unequal in all aspects, is trying to follow this path, as President Lula recently took some steps to tax the country’s “super-rich”. The government’s plan is to introduce new taxes on exclusive funds and on offshore investments made by rich Brazilians, all in order to stimulate the economy.
But as expected in all countries that try to go hard on those multiple zeros, such measures are driving the market and the predominantly conservative Congress skeptical, especially with the Brazilian press labeling the proposals as something akin to Robin Hood, stealing from the rich and giving to the poor. This description was rejected by the government, whose members said the proposal was not an act of revenge against the super-rich.
But, if you happen to be a millionaire who fits into Lula’s new tax proposals, rest assured: the bite won’t hurt that much.
Read more here, and check out the full creation of this cartoon on The Brazilian Report’s TikTok (@brazilianreport) account!
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