Progressive taxation in the face of inflation and instability: lessons from Argentina

Gabriel Zucman's article in this symposium sets out an agenda for how international cooperation can overcome barriers to progressive taxation and barriers to the taxation of wealth. Argentina has been at the forefront of developments in international tax cooperation. It has been one of the global minimum tax's strongest proponents, and has pushed for it to go even further by increasing the minimum rate to 21 per cent or 25 per cent. Argentina has also made use of automatic exchange of information (AEOI) to detect offshore tax evasion, signing AEOI agreements with almost 100 countries. AEOI has had modest results for Argentina. Zucman's article notes that offshore real estate is exempted under AEOI, but offshore currency holdings – which are an important asset class for wealthy Argentinians – are also poorly reported.