Geeta Gopinath: The demand for imposing wealth tax on the rich has been increasing continuously for the last few years. Many times this demand has been raised by many wealthy people. However, no consensus has been reached on this yet. Gita Gopinath of IMF has a slightly different opinion on this. She says that imposing wealth tax is a complicated task. Yes, if you can impose capital income tax, it will be better.
Met Finance Minister Nirmala Sitharaman on Saturday
Gita Gopinath, First Deputy Director of the International Monetary Fund, is currently in India. She also met Finance Minister Nirmala Sitharaman on Saturday. She says that many people have only a house in the name of wealth. In such a situation, you cannot tax them. Capital income tax can be a good option for this. The IMF has always supported a developing tax system.
At present, the Government of India charges 2 to 12 percent surcharge
Attempts have been made to impose wealth tax in India before. Wealth tax was abolished in the 2015 budget. The government said that it was costing too much to implement it. In return, the government imposed a surcharge. Under this, a surcharge of 2 to 12 percent is imposed on people earning more than Rs 1 crore and companies earning more than Rs 10 crore. Before the Lok Sabha elections this year, Sam Pitroda had heated up this issue again by advocating the imposition of wealth tax or inheritance tax.
Such taxes can force the rich to leave the country
Recently, economist Thomas Piketty claimed through a research paper that India should impose 2 percent wealth tax and 33 percent inheritance tax on those with a net worth of more than Rs 10 crore. This will help in dealing with the challenge of inequality in the country. Also, spending on social schemes can be increased. Only 0.04 percent of the country’s population or 3.7 lakh people will come under the purview of this tax. However, many economists claim that such taxes can force the rich to leave the country. Such people can make Dubai their new home.
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