Brazil to Tax Paper Flood
- Share via
BRASILIA, Brazil — Inflation drives Brazilians to write more checks than almost anyone else in the world and now the government wants to tax that paper wave for billions of dollars.
Because having money in a checking account drawing interest beats carrying cash that is losing maybe 1% of its value every day, Brazilians write checks--a lot of them.
With inflation at 1,100% annually, Brazilians cashed 3.4 billion checks last year, the state-run Banco do Brasil reported, putting Brazil among leaders of check-writing countries.
Taxi drivers accept checks for the equivalent of $2 rides, and street vendors take them for a bag of popcorn. Want an ice cream cone? Write a check.
Demetry Alexandre, who runs a busy lunch stand at a Brasilia shopping mall, said, “People write checks for coffee, for whatever.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
More From the Los Angeles Times
Podcasts
John Orr was a renowned fire investigator who was also a prolific arsonist, and whose thinly veiled novel helped to convict him. In this episode we hear from the fire captain who first suspected him—and from Orr himself.
Tom Girardi was a legal legend—until he was found guilty of stealing millions from his own clients. Host Madison McGhee and pop culture commentator Kiki Monique unpack how his downfall became a Real Housewives scandal, and what Erika Jayne may or may not have known. Plus, L.A. Times reporter Harriet Ryan joins to share how she helped bring Girardi’s crimes to light.
Sammy Roth visits America’s second-largest nuclear plant, Arizona’s Palo Verde Generating Station, and sits down with three experts to explore the pros and cons of atomic energy.
