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Brazil’s presidential election, Mr. Bolsonaro launches personal and corporate debt relief | Reuters

On 6 October, Brazilian President Jair Bolsonaro revealed plans to tax dividends to fund debt forgiveness for some individuals and companies and to fund social security. FILE PHOTO: Brasilia May 4, 2022. REUTERS/Adriano Machado

[ブラジリア 6日 ロイター] – Brazilian President Jair Bolsonaro on Thursday revealed plans to tax dividends to fund debt forgiveness for some individuals and companies and to fund social security. He is catching up with former President Lula in approval ratings ahead of the March 30 presidential vote, shifting the focus of the election campaign to the economy.

Lula also proposed a debt forgiveness program for Brazilian consumers.

Bolsonaro told parliament he had agreed with the speaker of the House of Representatives to tax dividends received by Brazilians earning more than 400,000 reais ($77,000) in order to extend social welfare plans that expire in December on a rice field.

He and Lula have promised to continue the monthly payment of 600 reais to the poorest next year, but neither has explained how it will be financed. Both candidates are looking to change fiscal rules.

Bolsonaro said Brazil’s Federal Savings Bank, a state-owned financial institution, will forgive up to 90 percent of its debt to about 4 million individuals and 400,000 businesses.