No Country Has Ever Taxed Itself Into Prosperity
Frank Holmes | May 10, 2021 04:15PM ET
Violent protests have erupted in the streets of Bogota, Cali and other cities in Colombia. The immediate cause? Proposed reforms to the South American country’s tax system, which would have lifted taxes on everything from salaries and dividends to fossil fuels, single-use plastic items and more.
According to reports, the protests have involved citizens of all walks of life, including truckers, taxi drivers and health -are workers. Overworked doctors, nurses and paramedics have walked off the job to bring attention to salary delays.
In response to the unrest, Colombian President Ivan Duque announced on Sunday that he was withdrawing the tax reform proposal. The country’s finance minister resigned the following day.
But the protests continue, just as they did in I don’t see asset prices pulling back in the short term, given the ongoing risk of inflation and debasement of the U.S. dollar. Copper could very well be headed for $13,000 or more, so stay long.
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