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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Mexico plans more taxes, cuts in bureaucracy Tue Sep 8, 2009 10:43pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Noel Randewich MEXICO CITY (Reuters) - Mexican President Felipe Calderon asked Congress on Tuesday to raise taxes and slash spending on government bureaucracy to prop up public finances as the country languishes in a deep recession. In an audacious bid to boost revenues, Calderon proposed a new 2 percent levy on all sales without any exceptions, a measure that could draw fire from lawmakers opposed to taxes on currently-exempt food and medicine. He also proposed to temporarily increase the maximum income tax to 30 percent from 28 percent at present. A plunge in oil production and the most severe economic contraction since 1932 have slammed Mexico's government coffers, hurting the country's efforts to improve its shoddy schools, roads and hospitals. "We cannot close our eyes to these limitations," Finance Minister Agustin Carstens told a news conference on Tuesday after turning the proposal over to lawmakers. "Mexico is at a crossroads," he said. Mexico's central bank has warned about raising taxes during hard economic times, but Mexico is also trying to fend off threatened downgrades by major debt rating agencies. Rating agencies worry about Mexico's paltry tax collection and its dependence on oil, which are used to fund the budget and pay back creditors. A downgrade in the country's debt rating would lead many investors to dump Mexican assets, pushing up interest rates in Mexico and further complicating economic recovery. Calderon also proposed saving money by eliminating three minor federal ministries and freezing bureaucrats' salaries. Austerity measures and new tax revenues would be worth 180 billion pesos ($13.5 billion) in next year's budget, Calderon said. The government would also cut the 2010 budget deficit to 60 billion pesos ($4.5 billion), which would be equivalent to around 0.5 percent of Mexico's current gross domestic product. Mexico is seen running a deficit close to 2 percent of GDP this year. "It's a drastic adjustment," Calderon told reporters. SOCIAL SPENDING Calderon promised to direct revenues from new taxes to social spending, pledging a major boost for poverty programs. "We can't eradicate extreme poverty or guarantee access for all Mexicans to health care and quality education if we do not have solid public finances," he told reporters. The new tax on sales aims to collect 70 billion pesos ($5 billion) in 2010. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Philippines' "Noynoy" Aquino says will run for president Also On Reuters Wall Street bonuses spark outrage on Main Street USA Q&A: What's at stake in Obama healthcare speech Commentary: Winning back the public’s trust More International News Karzai headed for poll win; recount ordered over fraud | Video North Korea extols "friendship" as U.S. presses sanctions Japan's ruling Democrats clinch coalition deal U.S. acts to freeze assets of two N.Korean entities NATO troops free kidnapped NY Times reporter More International News... More News UPDATE 7-Mexico plans new taxes, cuts in bureaucracy 12:02am EDT Featured Broker sponsored link Editor's Choice An exclusive interview with former Lehman Brothers CEO Richard Fuld. Full Article Most Popular on Reuters Articles Video Kraft looks to slash supplier base to reduce costs Palm unveils Pixi phone, may be overshadowed by rivals First Solar to build huge Chinese solar plant Fred becomes a hurricane in eastern Atlantic Exclusive: Fuld says being "dumped on" for Lehman failure Venezuela's Chavez says hopes can work with Obama Obama warns teens of perils of Facebook Congress seeks healthcare deal before Obama speech | Video UPDATE 3-NATO troops free kidnapped NY Times reporter UPDATE 1-AMD's shares leap 15 percent after Chartered deal Most Popular Articles RSS Feed Video Obama addresses students Partial recount in Afghan vote Merkel regrets Afghan casualties Racism seen rife in Russia Talk of the Town Annie Leibovitz faces loan New Colombian hostage video McDonald's lose McCurry battle Obama steadfast on healthcare Kabul airport suicide blast Most Popular Videos RSS Feed Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Journalism Handbook | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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