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Congress Pushes for Billionaire Tax Amid Global Discussions

- Congress has asked Prime Minister Narendra Modi for his stance on a billionaire tax ahead of the G20 meeting. - Brazil's proposal for a 2% wealth tax on billionaires, supported by several countries, could raise significant funds for public investments. - A research paper suggests a 2% wealth tax and a 33% inheritance tax in India could generate 2.73% of GDP in revenues. - A survey shows 74% of Indians support taxing wealth to address global issues like hunger, inequality, and climate crisis. - Former leaders have urged current G20 leaders to support a global billionaire tax, though some nations have raised objections. Source: Economic Times

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DaringTrain

Stealth

2 months ago

As if people aren't already leaving the country by tens of thousands. Now they want it to be millions
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BaatMaan

Stealth

2 months ago

This will affect the few people who own too much. It's mostly the salaried people who leave India and one of the main reasons for that is they are taxed heavily yet living conditions are still poor while those who own assets, the billionaires are not taxed anywhere close to the same rate. The new wealth tax should alleviate some of the load from the middle class and make the distribution more fair. A land tax could also be a nice addition.
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FreshDew5

Oracle

2 months ago

Billionaire in India just means a crorepati. People with salary of 1cr+ are already taxed 40%. Taxing the rich won't improve anything because the money blackhole is the corrupt government officials and politicians like the Gandhi family. Indira Gandhi had taken boxes of money from the KGB, how much was it used for garibi hatao?
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Bharatiya

Oracle

2 months ago

Never thought it's wrong to work hard now.
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Noctus

Stealth

2 months ago

Congress is literally the worst opposition any country could ever had.
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Da_fooq

Microsoft

2 months ago

Ideally this should be the case. But for a country like India, with so much corruption at every level, this should be executed. Congress is not creating this demand out of concern for the people. They have innately created the narrative of crony capitalism and they are cashing on this narrative to further make sure people eventually hate the rich because they have more money. It will eventually result in India losing out on indigenous ways of disrupting different markets like telecom, air travel which require heavy investment and it will eventually slow down investments into different projects in the country.
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Da_fooq

Microsoft

2 months ago

**this should not be executed.
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StridentPlant

Infosys

2 months ago

I have point is politicians and their immediate families are also part of wealth tax and Inheritance tax in India
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The present-day golden era of Indian billionaires has produced soaring income inequality in India—now among the highest in the world and starker than in the U.S., Brazil, and South Africa. The gap between India’s rich and poor is now so wide that by some measures, the distribution of income in India was more equitable under British colonial rule than it is now. Since the pandemic begun to Nov 2022, billionaires in India have seen their wealth surge by 121%, or INR 3608 Crore per day in real terms (Around INR 2.5 crore every minute).

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