Ecuador targets the wealthiest with new inheritance tax

telesurtv.net reported that president Rafael Correa insisted that the new inheritance tax will not affect the middle classes nor the underprivileged, but only “the wealthiest.” President Rafael Correa has outlined a new inheritance tax bill, soon to be introduced to the National Assembly, which would introduce a 2.5 percent percent tax on inheritances of US$35,000-70,000. “This targets the wealthiest, it is re-distributive, it does not affect the middle class nor the poor,” explained the president in an interview with local media. “Last year only one in 3,000 Ecuadoreans received an inheritance worth more than US$35,000,” he added. “It aims at breaking this centuries long inertia where a hundred – maybe – families have been dominating us, precisely through the inheritance of economic power,” he added. Read Article

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