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Colombia’s leftist president presents ambitious tax plan
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Colombian President Gustavo Petro gives a joint press conference with Chile's President Gabriel Boric at the presidential Narino Palace in Bogota, Colombia, Monday, Aug. 8, 2022. - photo by AP Photo/Fernando Vergara
BOGOTA, Colombia (AP) — Colombia’s first leftist president presented an ambitious tax plan on Monday 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, the new president 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.