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Lower House Reject Government's Tax Reform Proposal

CHILE
  • The administration in Chile have been deal an unexpected blow as the lower house have rejected the government’s flagship tax reform that would have created the nation’s first levy on wealth and aimed to finance a series of spending increases on pensions, health care and education.
  • The proposals fell short of the 78 votes required to pass, with only 73 in favor.
  • Following the announcement, finance Minister Mario Marcel described the rejection as bad news for Chilean citizens and said they will evaluate the situation before defining the next steps with President Boric.
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