Look at the tax rates for Singapore, it may appear that they (and others) have done it.

But there are tricks:
- As you say, much income from tax on business.
- Much income from non-tax sources, eg Singapore has big investments on markets world wide. Of course this takes some discipline to set up, and probably is out of the range for Argentina.
- Then, there is the running on deficits, creating money and borrowing of money.

Singapore, Hong Kong went one way.
Norway went the way of big investments from oil wealth.
The western democracies however, have chosen a mix of everything self destructive.

My thoughts are FerFal will get to write another book. Because it’s always THIS TIME that communism will work.

My first thoughts are it's a vote buying scheme because it's only relief for the working class, but businesses and higher paid individuals are still taxed - presumably at a higher rate eventually. This means the cost of goods and services will go up and any gains by the working class will be eaten away by those costs. Also, there is no incentive to expand businesses or bring in investment from outside the country. We'll see how this plays out in time.