Colombia’s leftist president presents ambitious tax plan

By ASTRID SUAREZ and MANUEL RUEDA
Associated Press

BOGOTA, Colombia (AP) — Colombia’s first leftist president has presented an ambitious tax plan that aims to raise up to $11 billion a year for anti-poverty programs. Gustavo Petro was sworn into office on Sunday, and has promised to fight economic inequality while investing in rural areas that have long been haunted by drug-related violence. Less than 24 hours after taking his presidential oath, Petro presented a tax reform plan to his nation’ s congress that will increase income taxes on wealthy individuals and place a 10% levy on oil exports. The bill also includes an annual wealth tax on individuals who have a net worth of more than $750,000.