Argentina abolishes income tax

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Date: September 15, 2023

Argentina's government, ahead of a critical October 22nd election, has surprised many by announcing a tax exemption for millions of citizens, sparing them from income tax payments.
This move, amidst rampant inflation, directly contradicts Argentina's IMF deal, causing controversy.
It's seen as a political strategy to win favor in the election, but critics worry about its impact on fiscal responsibility and economic stability.
This decision underscores the intricate relationship between economic policy and politics in Argentina and raises questions about the nation's global financial reputation.

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Debt relief for middle-income countries

The President of the UN General Assembly advocates for debt relief for middle-income nations.
Csaba Korosi, president of the UN General Assembly, called for debt relief and fair access to new technology for middle-income nations on Thursday.
He stated at a high-level meeting of the General Assembly on middle-income countries that the 110 middle-income countries, which make up roughly one-third of the global GDP and three-quarters of the world's population, are the main forces behind global development.

Argentina abolishes income tax

Argentina's government, ahead of a critical October 22nd election, has surprised many by announcing a tax exemption for millions of citizens, sparing them from income tax payments.
This move, amidst rampant inflation, directly contradicts Argentina's IMF deal, causing controversy.
It's seen as a political strategy to win favor in the election, but critics worry about its impact on fiscal responsibility and economic stability.
This decision underscores the intricate relationship between economic policy and politics in Argentina and raises questions about the nation's global financial reputation.

Trump’s Treasury Chief Guides the Global Financial Reset

May 7, 2025: Treasury Sec. Scott Bessent at House Financial Services Committee: 'We believe the US should be the premier destination for digital assets. Digital assets are an important source of innovation that can drive usage of the U.S. dollar around the world with stablecoin legislation'
Also announced China trade negotiations start Saturday without Navarro, expecting tariff reductions & action on currency manipulation.
April 22, 2025: imf.org - The global economic system under which most countries have operated for the last 80 years is being reset, ushering the world into a new era. Existing rules are challenged while new ones are yet to emerge.
April 23, 2025: Treasury Secretary Scott Bessent announced that the Trump administration will push for reforms at the IMF and World Bank to create a more sustainable global economic system, rather than withdrawing from these institutions.
Speaking at the IMF and World Bank spring meetings, Bessent emphasized stronger U.S. leadership and major institutional changes to restore balance to the global financial system. He criticized the IMF for focusing on climate, gender, and social issues while neglecting accountability for economic reforms in borrowing countries. Bessent stressed that the U.S. seeks to enhance its role in these organizations, provided they adhere to their core missions.

Russia is increasing its reserves with safe assets

According to the head of the central bank, Russia is increasing its reserves with assets that the West cannot sanction.
Elvira Nabiullina, the governor of the Russian Central Bank, stated on Tuesday that Russia is increasing its foreign reserves using assets that are immune to Western sanctions.
The central bank has previously stated that it believes that cash-held foreign currency, gold, and the Chinese yuan are safe.