Wealth Tax: Lok Sabha elections are going on in the country these days, the sixth phase of the elections is going to be completed today. In such a situation, the demand for imposing wealth tax once again is increasing.
Lok Sabha elections are going on in the country these days, the sixth phase of the elections is going to be completed today. In such a situation, the demand for imposing wealth tax is getting stronger once again. Let us tell you that in view of the economic inequality i.e.
the growing gap between the rich and the poor, there has been a demand for imposing a separate tax on rich people for a long time. After a research, this debate has again gained momentum. It is being told that after the formation of the new government, this demand will intensify. However, it has not been decided yet who should be included among the rich people. That is, what will be the scope of wealth. A debate has started in the country regarding this.
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Demand for wealth tax at the rate of 2%
A research paper has been published with the aim of bridging the gap between rich and poor. Famous economist Thomas Picketty has also contributed in preparing this report. The research paper states that wealth tax should be imposed on rich people at the rate of 2%. Not only this, 33% inheritance tax has also been advocated in the research.
Let us tell you that in this report, people with a net wealth of 10 crores have been asked to be brought under the tax net. That is, those who have assets worth more than 10 crores. They should pay 2% more tax. This can help in removing economic inequality. Not only this, it has also been said that this can generate a huge income equal to 2.73% of the gross domestic product i.e. GDP.
Report published in the middle of elections
Actually this report has been published at a time when general elections are going on in the country. Let us tell you that today votes are being cast for the sixth phase. While on June 1, voting is to be held for the last phase i.e. seventh phase. After that the results of the Lok Sabha elections will be declared on June 4.
Let us tell you that in the research paper, many famous economists believe that if 2 percent additional tax is imposed on people having wealth more than 10 crores, then very few people will come under this purview. Because about 97 percent of the people in the country are such whose wealth is outside the net wealth of 10 crores. That is, if even 3 percent of the people pay additional tax, then the GDP will be greatly affected.
