Many countries have attempted to tax the rich through these taxes without success. They fundamentally militate against simple economic logic - disproportionate amounts are spent on their collection, and evasions are easy. The taxes also disincentivise enterprise and lead to flight of capital, affecting growth.
Thomas Piketty in a recent paper suggested the need to impose a 2 per cent tax on net wealth exceeding Rs 10 crore and a 33 per cent inheritance tax to deal with the problem of rising inequality in India.
India should impose tax on ultra-wealthy to tackle wealth inequality, says study dailyexcelsior.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyexcelsior.com Daily Mail and Mail on Sunday newspapers.
India should impose tax on ultra-wealthy to tackle wealth inequality, says study orissapost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from orissapost.com Daily Mail and Mail on Sunday newspapers.
India should impose tax on ultra-wealthy to tackle wealth inequality says study theweek.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theweek.in Daily Mail and Mail on Sunday newspapers.