Mexico’s Workers Party Proposes Wealth Tax

ByMexico Solidarity

This article originally appeared in the March 3, 2026 edition of El Universal.

Mexico’s tax is exceedingly advantageous for the wealthy, with no wealth or inheritance taxes, low property taxes, a flat 10% tax on stock market gains (not transactions) and numerous exemptions, the majority of tax burden is on Mexico’s working class in the form of income and the VAT. A recent Oxfam report reveals that Mexico’s ultra-wealthy billionaires contribute only 21 cents for every 100 pesos and in the area of investing, only 8 cents per every 100 pesos invested domestically.

Deputy José Luis Sánchez González ( PT ) proposed reforming the Income Tax Law to establish a tax on net worth (real estate, cars, boats, airplanes, stocks, bank deposits, investments, rights, securities, works of art and jewelry) that exceeds 100 million pesos ($5.6m USD).

This will be charged at the end of each corresponding fiscal year to individuals residing in Mexico and abroad with a permanent establishment in the country.

Altagracia Gomez. Many of the great fortunes of Mexico’s ultra-wealthy was built on the privatization of Mexico’s substantial public enterprises, beginning in the 1980s.

The initiative of the PT legislator proposes to charge an annual rate of 1.5% to people with assets of 100 million to 500 million pesos ($5.6 million to $28.47 million USD); 2.5% to those with assets of 500 million to one billion pesos ($28.47 million to $56.95 million USD); and 3.5% to those with assets of more than one billion pesos ($56.95 million USD)

The project establishes that the funds raised will be allocated entirely to the creation of a Social Justice Fund, for the reduction of poverty and the care of vulnerable groups through social programs.

“The proceeds from this contribution will be allocated entirely to the creation of the Social Justice Fund, ensuring that its distribution serves to reduce poverty and support vulnerable groups; protect the environment; guarantee early childhood, basic, upper secondary, and higher education; develop science and technology; and ensure access to decent housing and just cities.”

“The revenue from a tax on large fortunes would serve as support for the population in situations of economic vulnerability, implementing social and development programs, in order to guarantee rights such as education, health or housing,” the document states.

The proposed reform states that in the event of non-payment of taxes, fines equivalent to double the unpaid contribution will be applied, “and the applicable criminal liability under the terms of the Federal Tax Code.