Argentine President Javier Milei’s economic reform package scored a key victory when the Senate approved his omnibus bill on Thursday but additional income tax legislation was rejected following a debate marred by violent protests before the summit.
After weeks of intense negotiations, the senators passed Milei’s market-friendly plan that included the creation of private companies and labor law reforms when his vice president broke a 36-36 tie. Hours later, the income tax portion of the second bill failed in a floor-by-floor vote on the proposal.
Both the income tax proposal – which Miley’s supporters made it to Wednesday to pass – and the omnibus economic bill still need to return to the lower house.
Underscoring political opposition to Milei’s proposals, protesters threw stones, broken glass and Molotov cocktails Wednesday afternoon at police who tried to clear the nearby plaza with water cannons and tear gas. The protesters also searched and set the car on fire.
Besides the rollback of the income tax, the economic reforms approved in the first bill will mark the biggest success of Miley’s law, one investors are likely to be happy about.
Here’s another from Bloomberg. Here are several unedited versions of the story.
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