A plan to handle poverty in Colombia was suggested by the leftwing government. Colombia’s plan to tackle poverty imposes taxes on rich people. An ambitious tax plan is put into the effort to deal with poverty in a descended country of America. President Gustavo Petro puts forward a plan in the legislature suggesting adopting the norms of Piketty. Piketty’s norms if implemented could raise more than $11.5 billion annually. It would help in the funding of anti-poverty efforts, free public universities, and other social welfare programs for them.
Gustavo Petro’s policy to equalize economy
Petro becomes the country’s first leftist leader. He acquires power by making a series of promises focusing on social progress. The time of crisis when the South-American country is still surviving the pandemic-related economic turmoil. The plan would increase the taxes on the highest earners of Colombia by approximately 2% of the population. The tax hikes will increase is related to the increase in earnings. It adds to the annual wealth tax on matters related to savings and property above $630,000. The scheme will add a 10% tax on Colombia’s biggest exports such as oil, coal, and gold.
Petro and Pardo on the economic game
Petro exclaimed the plan should not be treated as a punishment or a sacrifice. The plan should be viewed as a payment that some fortunate people are contributing to society to generate wealth. The plan related to the wealth tax was a chief promise during his campaign. The plan would help achieve his agenda to inspire others. There’s a debate related to the plan which would aggravate the situation at a time of global inequality. Alvaro Pardo the economist said that this isn’t Colombia’s case, this happens to be the conversation in any other country. The ideas serve for equity and progress.
Poverty is the evil of Progress
Equity and Progress are to be maintained by the idea that the one earning more has to pay more. The universal concepts are adopted to foster change. The proposal that Petro put forward alarmed the private sector and political elites. They are arguing that such an amount of tax payments would reduce their investment, and push job creators out of the country, according to Alvaro Uribe. Former President Alvaro Uribe says that efforts are to be made to cater to poverty. The goal is to be achieved without deserting the private sector.
