Ecuador to tax rich to pay for earthquake damage

by
April 22, 2016

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President Rafael Correa of Ecuador has announced a one-off tax on the rich to pay for relief and reconstruction efforts in the wake of the devastating earthquake that killed more than 500 people and injured over 5,000.

Anyone with assets over $1 million will be required to contribute 0.9 per cent of their wealth, while lower earners must hand over a day’s salary for every $1,000 of their monthly income up to $5,000.

Saturday’s 7.8-magnitude quake was the worst to hit the South American country in decades, causing hundreds of buildings to collapse and damaging roads and other key infrastructure in tourist areas.

The official death toll currently stands at 525, with 5,733 injured and hundreds still missing.

  • champion2211

    Why doesn’t the government help and do their jobs with what taxes that have been paid in? Or has the President already put it in his own pocket? Mr President are you going to put your share in also? How about the tax money that has been put into the government to help in re-construction or are you looking at the USA to throw in billions for you to reap it before any goes to the people?

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