International
Chilean President abandons his fiscal reform and presents new proposal
August 2|
Chilean President Gabriel Boric said on Tuesday that his government will not insist on a rejected tax reform bill and will promote new initiatives to raise the necessary funds to address some of its promised social proposals.
In June, the leftist ruler had said that his government would insist at the end of July in the Senate to resume the legislative processing of the tax adjustment.
Through a new Fiscal Pact, Boric said that the spending proposals involve resources for 8,000 million dollars to finance programs such as the Universal Guaranteed Pension to improve the lowest pensions, reduction of waiting lists in health, as well as greater investment in citizen security.
“This proposal considers the contribution made by growth, the reform of the state, the strengthening of tax oversight and taxes paid by the higher income sectors to be able to finance in this way the social expenses that are urgent,” he said in a televised speech.
“We are not going to insist in the Senate with the bill that was previously rejected”, he added.
Boric did not specify deadlines for the delivery and processing of the initiatives, or how much the total collection is expected to be.
The government’s new proposal will be divided into two projects, one to improve tax compliance and the other to adjust income tax focused on those with greater resources.
“This initiative will also include tax incentives for investment, productivity and formalization, as well as benefits for the middle class and a new regime for smaller companies,” he said.
He specified that the tax incentives would be equivalent to 0.5 points of the Gross Domestic Product (GDP).
The first project includes measures that seek to increase tax collection through legal modifications that do not imply a tax increase, which would increase tax collection by 1.5% of the GDP in net terms, according to a government minute.
Meanwhile, the second will be focused on income tax for both companies and individuals and will include incentives for investment, productivity and formalization, as well as benefits for the middle class and the new tax regime for smaller companies, which would have a fiscal cost of 0.5% of GDP.
At the investment level, tax incentives such as semi-instantaneous depreciation and a tax credit fund for investments with a multiplier effect on activity, employment and environmental sustainability are proposed.
It also commits to reduce by 30% the processing time for mining projects, according to the minutes.
Additionally, the plan includes five priority areas of productive diversification that by 2026 foresees three or four new lithium projects, two thirds of the energy matrix with renewable sources, 10-12 projects in the development of green hydrogen and an increase in the digital economy.
The original tax reform bill was rejected in March by the deputies and the government could only insist on its passage through the Senate.
International
Trump to build $200M ballroom at the White House by 2028
The U.S. government under President Donald Trump announced on Thursday that it will begin construction in September on a new 8,000-square-meter ballroom at the White House.
The announcement was made by Karoline Leavitt, the administration’s press secretary, during a briefing in which she explained that the expansion responds to the need for a larger venue to host “major events.”
“Other presidents have long wished for a space capable of accommodating large gatherings within the White House complex… President Trump has committed to solving this issue,” Leavitt told reporters.
The project is estimated to cost $200 million, fully funded through donations from Trump himself and other “patriots,” according to a government statement. Construction is scheduled to begin in September and is expected to be completed before Trump’s term ends in 2028.
The Clark Construction Group, a Virginia-based company known for projects such as the Capital One Arena and L’Enfant Plaza in Washington, D.C., has been selected to lead the project.
The new ballroom will be built on the East Wing of the White House, expanding the iconic residence with a space designed for state dinners, official ceremonies, and large-scale events.
International
Three salvadorans in Florida sentenced in $146 million construction tax fraud scheme
Three Salvadoran residents living in Orlando, Florida, were sentenced for conspiracy to commit tax fraud and wire fraud involving a scheme exceeding $146 million in the construction industry, according to the U.S. Attorney’s Office for the Middle District of Florida. The sentence was handed down by federal judge Timothy J. Corrigan on Tuesday, July 29.
Eduardo Aníbal Escobar (45) was sentenced to 4 years and 9 months in prison, Carlos Alberto Rodríguez (36) to 3 years and 4 months, and Adelmy Tejada (57) to 18 months in prison, followed by 6 months of house arrest. All three pled guilty on April 3, 2025.
In addition to the prison terms, the court ordered restitution payments totaling $36,957,616 to the IRS for unpaid payroll taxes, and $397,895 to two insurers for workers’ compensation claims related to the scheme.
Escobar and Rodríguez are permanent legal residents originally from El Salvador, while Tejada is a naturalized U.S. citizen of Salvadoran origin.
International
Kremlin hails preparedness after Kamchatka quakes leave no casualties
The Kremlin expressed relief that the earthquakes that struck Russia’s Kamchatka Peninsula today —the first being the strongest since 1952— resulted in no casualties, and emphasized that the region is well prepared to face such natural disasters.
“Thank God, there were no victims,” said Kremlin spokesman Dmitry Peskov during his daily press briefing.
The presidential representative stated that “all alert systems were activated in time, and evacuations were organized for residents in areas requiring it in response to tsunami threats.”
“Overall, the seismic resilience of the buildings proved effective (…) Therefore, we can say that the technological preparedness demonstrated a high level,” Peskov added.
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