The Hemisphere: Tax Sermon

At the Bogotá development conference early in September, the U.S. promised an emergency $500 million to help troubled Latin America ease poverty, but held that the bulk of development cash must be raised by Latin America itself through "effective monetary and fiscal policies." What the U.S. hinted at—tough taxation—was translated into plain words last week in a speech in Brazil by Washington's Ambassador to Rio, John Moors Cabot.

Nettled at the blithe hypocrisy by which many rich Latin Americans blame Uncle Sam for the absence of hospitals and schools that they themselves resist paying for, Cabot pointed out that U.S. income taxes...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!