Richest Colombians Brace for Permanent Wealth Tax Proposal

Colombia’s wealthy are looking at options to cushion the blow of higher taxes recently proposed by Gustavo Petro, the country’s new president.

The government is proposing a permanent wealth tax, along with a raft of other tax changes, to raise revenue to fund social programs. The bill includes a wealth tax of 0.5% on assets of more than 2.7 billion pesos (643,000 dollars) and 1% for assets of more than 4.6 billion pesos ($1.1 million).

Colombia’s overall tax reform effort is meant to “reduce the inequitable exemptions enjoyed by individuals with higher incomes,” according to the government’s tax reform ...