‘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.

 

[Cheap Bastard]

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.

Should open the floodgates for people buying cars and motorcycles and properties.

Argentina OKs allowing undeclared savings into financial system - UPI.com

Through reforms, Argentina seeks to encourage declaring and depositing undeclared U.S. dollar savings into the formal financial system.

www.upi.com

 

[IrishLad]

People will probably wait a little while and see but I know some Argentine friends that are finally going to buy an apartment with cash they have undeclared. People locally were hassled before when they deposited USD asking for origin of funds but there are reports that Milei is telling banks not to ask for paperwork or ask questions. And if they are he is saying to close their bank accounts and bring their business to Banco la Nacion.

Just judging by friends it sounds like the real estate market is going to have some good appreciation with people buying.

 

[Piranha]

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

Yes even cash in a bank account counts towards your assets. That is why so many Argentines just keep their cash under the mattress. Of course many don't declare all of their income.

Holding cash is a liability against inflation. Especially in Argentina but everywhere around the world. All of my Argentine friends continue to add to their real estate collection. It is still liquid in the nice neighborhoods. With Milei in power this should continue. Mortgages are a hefty part of the market now too.

 

[Anchor Baby]

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.

Look at new car sales. They have surged since Milei came into office. More people feel comfortable spending cash that they had under the mattress.

 

[Esposas]

Holding cash is a liability against inflation. Especially in Argentina but everywhere around the world. All of my Argentine friends continue to add to their real estate collection. It is still liquid in the nice neighborhoods. With Milei in power this should continue. Mortgages are a hefty part of the market now too.

Very true. My husband's family is buying another apartment. The yields aren't extremely high but it beats cash which just loses its value. This legislation should help push prices higher.

 

[Cardiac Arrest]

Makes sense that Milei would make it easier for people to use cash. 🤣🤣🤣

Thread 'Argentine Leader Draws Fire After Cratering of Crypto Coin He Promoted - New York Times'

Feb 17, 2025

There are so many posts about this scam on this forum. I'm not sure if someone posted this link to the NYT. But I think he might be finished. What was he thinking?!

Argentine Leader Draws Fire After Cratering of Crypto Coin He Promoted

Javier Milei posted about the coin on social media, then deleted it and announced an investigation into whether any laws were broken.

www.nytimes.com

• Pobre Luis
• con artist crypto libra scam new york times rug pull shitcoin
• Replies: 156
• Forum: ExPat Life

• 
• 

 

[Problema]

Makes sense that Milei would make it easier for people to use cash. 🤣🤣🤣

Thread 'Argentine Leader Draws Fire After Cratering of Crypto Coin He Promoted - New York Times'

Feb 17, 2025

There are so many posts about this scam on this forum. I'm not sure if someone posted this link to the NYT. But I think he might be finished. What was he thinking?!

Argentine Leader Draws Fire After Cratering of Crypto Coin He Promoted

Javier Milei posted about the coin on social media, then deleted it and announced an investigation into whether any laws were broken.

www.nytimes.com

• Pobre Luis
• con artist crypto libra scam new york times rug pull shitcoin
• Replies: 156
• Forum: ExPat Life

• 
• 

No doubt Milei and his sis will partake in this new law.