This file photo dated March 10, 2022 shows the view of the lower house of Congress as lawmakers hold a special session to address the agreement between the Argentine government and the International Monetary Fund in Buenos Aires. (PHOTO / AFP)

BUENOS AIRES — Argentina's lower house on Tuesday passed a government-backed bill to cut taxes on high-income earners, a move that would erase about one trillion pesos ($2.8 billion) from state coffers in 2023, according to official estimates.

The bill, which must now go through the Senate, passed with 135 votes in favor and 103 against.

Opposition lawmakers blasted the move, saying the proposed tax cut aims to benefit Massa's presidential run for the October election

If it were to become law, around 800,000 people would have their taxes slashed, according to government estimates, easing pressure on key voters who are suffering from the country's spiraling annual inflation rate, which hit 124.4 percent in August.

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"Salaries are not profit," Economy Minister and presidential candidate Sergio Massa wrote on social media platform X following the vote.

Opposition lawmakers blasted the move, saying the proposed tax cut aims to benefit Massa's presidential run for the October election.

Far-right lawmaker Javier Milei, the candidate leading the polls for the upcoming vote, also supported the measure, but said its timing makes it political.

"They had four years to stop stealing from workers and they roll this out in the middle of a campaign," Milei said in Congress.

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The South American nation is grappling with triple-digit annual inflation, with analysts polled by the central bank setting it at 169.3 percent at the end of the year.