Mexican Congress Passes Tax Reform Bill aimed at decoupling mexico’s economy from fluctuating oil prices, gas prices will be raised by 5%. While also adding a 2% tax to bank deposits above $2,500 USD aimed at recapturing some revenue lost by people not reporting their full income.
The gas price raise? It’ll hurt, but it’s understandable. But for the life of us, we can’t figure out why they’d tax bank despoits. This means that every time you want to move money from account to account, you’re taxed on it. I fully get that Mexico has no legitimate income tax and the gov’t needs more sources of income, but this move is totally bass-akwards. I thought Calderon was supposed to reform the tax code not fuck it up even more. Is there a successful example from any 1st or 2nd world country doing this? what a dumb move.
Everyone is talking about a serious peso devaluation when these reforms come into effect . People are having nightmares of ‘82 all over again. I’m kinda glad my money is stuck in the other free-falling north american currency. Fuck it, I’m moving to Canada, the water’s cold but i’ll buy a wetsuit.
