Ecuador Earthquake: Tax Measures put into place to pay for devestation

BBC.com reported Left-leaning President Correa said all levels of society would be expected to contribute to rebuilding funds, even if they did not live in the worst-hit Pacific region.

Among the measures he announced in a televised address late on Wednesday:

The sales tax is to be increased from 12% to 14% for one year only;
People with more than $1m in assets is to pay a one-time sum equivalent to 0.9% of their wealth;
Anyone who earns more than $1,000 a month is to pay the equivalent of one day’s pay; anyone getting more than $2,000 pays two days and so on, up to $5,000 a month and five days’ worth
Unspecified state assets to be sold

“Society is built with institutionalised commitment, with organised collective action,” Mr Correa said.

“This is how a modern society responds to this kind of disaster and the way each Ecuadorian, within his ability, contributes to the recovery of his own motherland.” Read Article

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