Brazil's national currency, the Brazilian real, hit an all-time low as market doubts persisted despite the administration's announcement of a spending cut package. The plan aims to reduce spending by 70 billion reais over two years and includes changes to tax exemptions and income tax rates.
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 Spending Cuts Economic Policies Tax Changes
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