Unpopular taxes and public health and housing spending cuts included in blueprint to close budget deficit that caused downgrade in country’s credit rating last weekBrazil’s government has announced spending cuts and tax increases totaling 65bn reais ($16.9bn) as it races to close a budget deficit that led to a downgrade of the country’s credit rating last week.
The biggest item was the revival of the unpopular CPMF tax on financial transactions that will raise 32bn reais next year whether it passes a congress opposed to recent taxation.
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Source: theguardian.com