President Gustavo Petro stated that Colombia's fiscal deficit is closely tied to the profits of the country's largest private companies.
Through his X account, Petro explained that interest rate hikes by the Banco de la República increase payments to holders of public debt securities.
These companies, according to the president, earn returns by owning TES rather than through their productive mission.
Petro proposed that part of those gains be returned as taxes to fund hospitals, universities, and agrarian reform.
The head of state noted that the majority held by these companies in Congress and the Constitutional Court has prevented taxing them on four occasions.
