‘Fiscal innocence’: how Milei’s no-questions-asked law encouraging savers to use their stashed dollars works

[Finance Prof]

Looks like Milei and the government is trying to push more people to openly spend their US dollars. I thought another amnesty was coming but maybe with this they don't need to do another one.

‘Fiscal innocence’: how Milei’s no-questions-asked law encouraging savers to use their stashed dollars works - Buenos Aires Herald

A new law raises the threshold of how much money Argentines can spend without reporting it to tax authorities and encourages people to use the dollars stuffed ‘under their mattress’

buenosairesherald.com

 

[Betsy Ross]

"Tax evaders, he also said, “are heroes, not criminals”, a phrase the anarcho-capitalist has repeated often, to signal his criticism of the high level of taxation Argentina has had in the past, to finance its constant fiscal deficit."

I'm sure Argentines loved hearing him say that tax evaders are heroes. Only in Argentina. 🤣

 

[Piranha]

I don't know one single Argentinean that hasn't evaded taxes in some way, shape or form. They all do it. The system in Argentina is set up where it is almost impossible not to evade taxes. Most of the economy is in black. They should probably just do an unlimited amnesty. This congressional approval of the first budget bill is a good start AS LONG AS his party is successful and Peronism does not return after his term.

 

[jbeas176]

if somebody puts 50,000 in the bank in dollars does that count with your world wealth tax at the end of the year. just wondering why anybody would give up the obscurity of the mattress dollars

 

[TonyTigre]

Not only will this result in more USD entering the banking system in Argentina, it will also result in more spending, especially on large ticket items. The housing market and all the industries it supports will benefit from this. It will certainly help stimulate the economy.

For those who don't plan to spend those USD right away can put them in timed deposits that will pay significantly more in interest than the wealth tax rate. People don't get interest on dollars hidden under their mattresses.

 

[Blockchain]

Not only will this result in more USD entering the banking system in Argentina, it will also result in more spending, especially on large ticket items. The housing market and all the industries it supports will benefit from this. It will certainly help stimulate the economy.

For those who don't plan to spend those USD right away can put them in timed deposits that will pay significantly more in interest than the wealth tax rate. People don't get interest on dollars hidden under their mattresses.

New car sales already look like it went up with all the money from the previous amnesty and real estate looks like it is continuing to go up. My buddy just bought a $350,000 apartment in Recoleta. Seems like with no big brother looking over your shoulder this should spur investments.

 

[Pink Panther]

Not only will this result in more USD entering the banking system in Argentina, it will also result in more spending, especially on large ticket items. The housing market and all the industries it supports will benefit from this. It will certainly help stimulate the economy.

For those who don't plan to spend those USD right away can put them in timed deposits that will pay significantly more in interest than the wealth tax rate. People don't get interest on dollars hidden under their mattresses.

Hopefully it does stimulate the economy. Many places have gone out of business or will soon.