Argentine President Javier Milei Announces Sweeping Tax Cuts and Economic Reforms

Marking his first year in office, Milei pledged to cut 90% of taxes in 2025 and outlined plans for continued privatization and deregulation to reshape Argentina's economy.

Javier Milei celebrated his first year as Argentina's president with a plan to eliminate 90% of the country's taxes in 2025, aiming to stimulate investment and economic growth.
Milei's administration has drastically reduced inflation from 25.5% to 2.7% in less than a year but has also triggered a deep recession, with GDP contracting by 4% and unemployment rising to 7.6%.
His government has implemented sweeping cuts to public spending, eliminating thousands of public jobs, halving the number of ministries, and achieving Argentina's first fiscal surplus in 12 years.
Milei announced a shift away from dollarization, introducing a currency competition policy that allows Argentines to transact in their currency of choice, except for tax payments which remain in pesos.
Looking ahead, Milei plans to negotiate a free trade agreement with the United States, reform federal police, combat organized crime, and expand Argentina's nuclear energy capabilities.