Summary
The answer is found in the above estimates -- a wealth tax.
A wealth tax is a levy on the value of personal assets, including bank deposits, real estate, shares in companies and other financial assets.
The annual rates of the tax could be made progressive, with the tax rate increasing with net wealth.
If the wealth tax is temporarily introduced for 4 years, assuming structural reforms for the economy take this long to implement, the wealth tax alone could yield at least $7 billion in revenues during that transitory period. Indeed, two main impediments arise in relation to the imposition of such a tax.
The collection of any tax requires the effective enforcement of the tax regime by the government.
The law creating the wealth tax would provide for hefty penalties, which may include an additional default tax rate of 2 percent for every false or incomplete declaration.
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