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Argentine Senate Narrowly Approves Milei's Omnibus Law Amid Protests, PAIS Tax Reduced

Jun 13, 2024, 01:50 AM

Argentine President Javier Milei has secured Senate approval for the Omnibus Law, a significant piece of legislation aimed at economic reform. The law, which includes state reduction, reorganizations, dissolution of trust funds, and five privatizations, passed with a narrow vote of 36 in favor and 35 against. Vice President Victoria Villarruel broke a tie to approve the flagship Ley Bases, which will return to the lower house for further discussion on individual chapters. The approval has sparked protests in Buenos Aires, where police clashed with demonstrators using tear gas and water cannons. The quorum necessary for the vote was 37, and opponent Lousteau provided the critical vote. Following the approval, Milei announced a reduction of the PAIS tax from 17.5% to 7.5%.