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Brazil's CPMF — The Tax on Every Transaction That Never Lasted
This article provides a detailed historical analysis of Brazil's highly controversial CPMF transaction tax, which levied a flat fee on almost every bank debit. It traces the tax's origins as a temporary public healthcare fund under Fernando Henrique Cardoso, its evolution into a critical federal revenue engine, and its dramatic defeat in the Senate in 2007. The study examines the economic trade-offs of cascading taxes, including financial disintermediation and tax intelligence value.
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