Brazil Millionaires Should Pay for Protest Demands, Party Says

https://storage.ning.com/topology/rest/1.0/file/get/1798371031?profile=original

Brazil’s ruling party is reviving a proposal to tax millionaires’ wealth to help pay for measures demanded by protesters staging the largest demonstrations in two decades.

The move is part of a congressional rush to pass laws that placate demands from protesters for cheaper transportation, better education, and less corruption. Over the past three weeks, more than 1 million Brazilians have taken to the streets. The proposal, which has been considered for at least 25 years, came back to life as pressure for more spending coincides with a tighter budget. President Dilma Rousseff’s Workers Party, known as the PT, agreed this week to push for the approval of the bill.

“We need to offset the costs of new measures being approved in response to the protests,” Candido Vaccarezza, a Workers’ Party deputy in the lower house of Congress, said by telephone. “We’ve granted businesses tax breaks to help economic growth, now it’s time to get some of that back. The U.S. and Germany have similar taxes.” Vaccarezza said specifics of the proposal have not been decided.

In a period of just over 24 hours, the lower house approved tax cuts for urban transportation and a 2007 bill that earmarks oil royalties for education and health. As part of a marathon session that may delay Congress’s July holidays, the Senate classified corruption as a heinous crime, a bill that now moves to the lower house.

more @ http://www.bloomberg.com/news/2013-06-27/brazil-millionaires-should-pay-for-protest-demands-party-says.html

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