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Personal income-taxpayers in India live in an abnormal environment of taxation where they get next to nothing for compliance and good citizenry. Sure, it can be argued that they get roads, utilities and other infra. But these are delivered to all citizens, including those who systematically evade taxes, giving honest taxpayers only the advantage of a good conscience.
The prime minister also tore into the Grand Old Party’s manifesto for the 2024 Lok Sabha elections, saying it had the imprint of the Muslim League
Raghuram Rajan, former RBI governor, advocates for inclusive growth over wealth tax, emphasizing the need to uplift individuals for economic development. His remarks follow a discussion sparked by Sam Pitroda on wealth redistribution, with Rajan cautioning against excessive taxation of the wealthy. He highlights the importance of examining neglected segments of the economy and suggests policy measures like minimum wage standards for wealth distribution. Rajan also stresses the significance of job creation for social stability and demographic dividends.
Prime Minister Narendra Modi made heated remarks against the ruling Congress government in Karnataka accusing it of "sympathising" with the banned outfit
Inheritance taxes can significantly hinder capital formation by entrepreneurs and wealth creators, a scenario India cannot afford at this stage of its development.