Update: Funes Proposes Tax on the Wealthy to Fund National Security Programs

Noticias

Also included in this update:

  • FMLN and Social Movement Condemn Court Rulings for Disrupting 2012 Elections
  • Right-Wing Parties Survive After Disagreement in Electoral Authority
  • Legislative Assembly Approves Loan for 6 New Women's Centers
OnJuly 13, representatives of the Funes administration announced a seriesof security plans to be financed by a proposed “security tax” paid by wealthy individuals and corporations, at a meeting with political party leaders to discuss the government’s response to the security situation. The administration’s security plans outline preventative programs, technical training and equipment to address narcotrafficking, drug dealing, gangs and organized crime, as well as an overhaul of the notoriously overcrowded prison system. To finance the plans, President Funes has proposed that individuals and corporations with assets valued at or above $500,000 - approximately 2,000 businesses and 365 individuals - pay an additional security tax that would generate $120 million per year for the next three years. Funes emphasized that this $120 million in new taxes is minimal compared to the $700 million that businesses spend on private security annually, and furthermore that the funds will support longer-term, more comprehensive solutions to making the country more secure. The tax increases range from $500 more a year for individuals and companies with $500,000 in assets to a maximum of $2million a year for those with more than $250 million in assets.

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