The government’s terrible idea to tax financial operations in Brazil

economy minister paulo guedes brazil tax reform
Economy Minister Paulo Guedes

I don’t like talking about the same subject over and over again. That’s why I chose not to use this piece to criticize President Jair Bolsonaro, not for lack of reasons to do so. I unsuccessfully drafted an analysis of his degrading relationship with Justice Minister Sergio Moro, but it has just become too easy—and too boring—to criticize Mr. Bolsonaro.

In the meantime, I had the pleasure to watch a panel on “conditions for regaining growth,” at BTG Macro Day—an event with debates on macroeconomic matters promoted by investment bank BTG Pactual. One of the participants was Marcos Lisboa—among the...

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