Brazil's national currency, the Brazilian real, reached an all-time low following the announcement of a spending cut package by President Lula da Silva's administration, aimed at reducing spending by 70 billion reais over two years. The package includes minimum salary growth limits and tax exemptions for lower earners, while increasing taxes for the wealthy.
Brazil’s national currency, the Brazilian real, dropped to an all-time low on Friday morning as the spending cut plans announced by the administration of radical leftist President Luiz Inácio Lula da Silva failed to calm growing market doubts.
“The issue of income tax exemption, although it is everyone’s wish, is not on the agenda for now and can only happen if we have the fiscal conditions for it,” Pacheco said. “If we don’t, it won’t happen. But this is a discussion for the future, which will depend a lot on Brazil’s ability to grow and generate wealth without increasing taxes.”
BRAZILIAN REAL ALL-TIME LOW LULA DA SILVA SPENDING CUTS ECONOMIC POLICY TAXATION
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