Chile backs away from tax breaks on the rich amid protests

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SANTIAGO, Chile (AP) — Chilean President Sebastian Piñera is backing away from a plan to cut corporate taxes following two weeks of protests fed by anger of inequality.

Tens of thousands were demonstrating again Friday in the capital, continuing protests that have shaken the country and forced the cancellation of two major international summits that had been scheduled for Santiago.

Piñera is facing massive demonstrations featuring demands for higher wages, better pensions and improved health care, and his treasury secretary announced Friday the government is dropping a plan for business tax breaks.

A proposed hike in subway fares this month set off the 15 days of protests that morphed into a call for deep-rooted changes.

Chile is one of the wealthiest, but most unequal counties in Latin America.

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