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Markets Digesting Impact of Tax Reform Bill Rejection

CHILE
  • Local assets are little changed on Thursday as markets continue to digest the news that President Boric’s key tax reform bill was rejected by the lower house on Wednesday.
  • The chamber of deputies rejected a tax bill that would have financed social programs to reduce inequality and boost social services — the key policies that swept Boric into office.
  • The president now has to decide whether to present the bill to the senate, where it will likely face even more opposition, or wait a year to try in the chamber of deputies again.
  • Overall, the defeat is likely to embolden the opposition and raise questions about the political acumen of Boric’s team to bring progressive change in Chile, a nation that’s maintained a business-friendly status quo for decades.
    • “It is a very serious political error that puts in question the entire second year of his government,” said Kenneth Bunker, a political analyst at consulting firm Politico Tech Global.
  • Despite a recent uptick, Boric’s approval rating currently stands at 35%, according to Cadem’s latest survey posted on Sunday.
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