Legislation

Brazil’s Finance Minister backs taxing offshore wealth, billionaires, and the betting industry

(Brasília).- The Finance Minister says he hopes to be remembered for broadening taxation on the wealthiest—covering banks, billionaires, and the betting industry—and maintains that the criticism simply reflects resistance from those who had long avoided contributing.

Por UOL

Tuesday 20 January

Brazil’s Finance Minister backs taxing offshore wealth, billionaires, and the betting industry. (Brasília).- The Finance Minister says he hopes to be remembered for broadening taxation on the wealthiest—covering banks, billionaires, and the betting industry—and maintains that the criticism simply reflects resistance from those who had long avoided contributing.. Finance Minister Fernando Haddad reacted calmly to the nickname “Taxad,” which began circulating widely on social media in 2024, and said he is not bothered by the association. On the contrary, according to him, the label symbolizes an agenda he considers socially and fiscally correct, marked by the expansion of taxation on offshores, exclusive funds, and the betting sector.In an exclusive interview with UOL Channel, Haddad was blunt when addressing the criticism: “I did tax them.” The minister stated that he would like to be remembered as the one who confronted historical privileges and promoted structural changes in Brazil’s tax policy.Focus on the wealthiest and the betting sectorAccording to Haddad, resistance to his measures comes mainly from groups that, for years, remained outside more effective taxation. He cited the taxation of the so-called “BBBs” — banks, bets, and billionaires — as an example of correcting distortions in the system.“I acknowledge that this group that wasn’t paying taxes is now paying again,” he declared. In his view, public debate often ignores the positive impact of these measures on fiscal balance and the financing of public policies.Haddad also emphasized that he views the reaction of the opposition and the financial market with composure. “I am very happy to be remembered as the only minister who taxed offshores, closed family funds, tax havens, and bets. The opposition is right,” he said.“The courage to tax the upper class”For the Finance Minister, expanding the tax base is directly linked to the idea of social justice. He stressed that the contribution of the wealthiest is essential for maintaining fundamental public services such as health and education.“Those who are very rich and don’t pay taxes are now realizing they live in society, that they must contribute to the SUS, that they must help sustain public schools,” Haddad said, defending the rationale behind the measures.Concluding his remarks, the minister reiterated that he does not intend to back down in the face of criticism. “If the opposition wants to make noise about this, be my guest. I am happy that you remember I am the Finance Minister who had the courage to tax the upper class. To charge condo fees from those living in the penthouse who weren’t paying,” he concluded.Haddad’s statements gain special relevance at a time of intense debate over the regulation and taxation of Brazil’s betting market, a central issue for the gambling industry and the government’s fiscal agenda.

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Finance Minister Fernando Haddad reacted calmly to the nickname “Taxad,” which began circulating widely on social media in 2024, and said he is not bothered by the association. On the contrary, according to him, the label symbolizes an agenda he considers socially and fiscally correct, marked by the expansion of taxation on offshores, exclusive funds, and the betting sector.

In an exclusive interview with UOL Channel, Haddad was blunt when addressing the criticism: “I did tax them.” The minister stated that he would like to be remembered as the one who confronted historical privileges and promoted structural changes in Brazil’s tax policy.

Focus on the wealthiest and the betting sector

According to Haddad, resistance to his measures comes mainly from groups that, for years, remained outside more effective taxation. He cited the taxation of the so-called “BBBs” — banks, bets, and billionaires — as an example of correcting distortions in the system.

“I acknowledge that this group that wasn’t paying taxes is now paying again,” he declared. In his view, public debate often ignores the positive impact of these measures on fiscal balance and the financing of public policies.

Haddad also emphasized that he views the reaction of the opposition and the financial market with composure. “I am very happy to be remembered as the only minister who taxed offshores, closed family funds, tax havens, and bets. The opposition is right,” he said.

“The courage to tax the upper class”

For the Finance Minister, expanding the tax base is directly linked to the idea of social justice. He stressed that the contribution of the wealthiest is essential for maintaining fundamental public services such as health and education.

“Those who are very rich and don’t pay taxes are now realizing they live in society, that they must contribute to the SUS, that they must help sustain public schools,” Haddad said, defending the rationale behind the measures.

Concluding his remarks, the minister reiterated that he does not intend to back down in the face of criticism. “If the opposition wants to make noise about this, be my guest. I am happy that you remember I am the Finance Minister who had the courage to tax the upper class. To charge condo fees from those living in the penthouse who weren’t paying,” he concluded.

Haddad’s statements gain special relevance at a time of intense debate over the regulation and taxation of Brazil’s betting market, a central issue for the gambling industry and the government’s fiscal agenda.

Fuente original: UOL