Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻
El Salvador is about to approve a new law lowering tax rates. This can lead to foreign direct investment in the country, job creation and economic expansion. I think there are some risks and challenges in the bold steps they are taking. Lowering the income tax rate may reduce government revenue. In many cases, income inequality may be exacerbated, as the wealthy benefit more from tax cuts than low-income individuals.
Lowering the income tax rate could be a strategic move by El Salvador to attract global investment. The key challenge now is whether this move can sustain the economy long-term in the future.
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The new law that El Salvador is going to approve to reduce the tax rate may cause some shortfall in the country's revenue, but when foreign countries invest in the country and jobs are created in the country, the country will move in a new direction, which will be an unimaginable success. Approval of some things may be criticized in the first stage but when a lot of success is created, it will be applauded as we saw when Nayib Bukele launched Bitcoin in his country many analysts influential and society people started to criticize. But rather than shy away from criticizing those who have gone ahead with Bitcoin investment, today El Salvador has had a lot of success with Bitcoin investment, and those people are now praising the Salvadoran government. So I support approving Bukele workLowering the income tax rate could be a strategic move by El Salvador to attract global investment. The key challenge now is whether this move can sustain the economy long-term in the future.
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