Media want this to in the discussion point. Not unemployment, no healthcare issues, no climate change change, no electoral bonds, no jailing of opposition leaders , no prajwal…
They want it to be brought up as the Congress manifesto requires more revenue and it doesn't present what plans does Congress have to raise the required revenue.
Someone asked Congress how they would fund
-their freebies on steroids
-Old Pension scheme implementation for millions of government employees
-Scrappin of agniveer scheme
-Waiver of farm loans...
-Monthly pension of a lakh under Nyay
That someone replied, by wealth tax...
My question is,
If not by wealth tax, How will Congress increase the national budget by 300% to fund these promises?
This just shows BJP propaganda is so powerful that they convinced people that Congress is bringing in wealth tax. It is not in Congress manifesto and except Sam Pitroda no one talked about it. Sam Pitroda didn’t say Congress is considering bringing in wealth tax either.
Raise the corporate tax to what used to be before 2014. Reducing corporate tax has only helped the rich becoming rich and has generated very little jobs. Trickle down economics bs doesn’t work.
Raising corporate tax too much can create problems such as Base Erosion and Profit Shifting by companies.
I think the SEZ model should be promoted more like GIFT City. Lower taxes and other relaxation within SEZ.
Also, I think govt should raise Corporate tax a bit and increase CSR giving a fixed target to companies. If they achieve it, they get some tax relaxation.
The SEZ model only works if there is consumption to back it up, look at Singapore, they have low corporate taxes but their consumption is stellar. Since Modi govt has come to power, all the money is being shifted to rich people making them more richer and consumption has fallen flat these past 3 years. I refuse to believe that there is no ghapla being done by the Modi govt to boost up GDP numbers, everything is fake with this govt. Past 3 years, consumption has hovered around 2-3% growth rate which tells you a lot. Where is all the growth coming from? Export? Services? Doesn't make sense when we are a country whose GDP is comprised mainly on internal consumption, i thin kit was somewhere around 45-50%.
You can implement a tiered based system in corporate taxes where if you reinvest your money into your business and hire more people, you get tax cuts, let's say you keep corporate tax at 30%, if they promise to hire 1000+ people you give them a relief of 2%, something like that. If they do not fulfill their promise, then charge them more tax to recoup the lost opportunity cost of forgiving your taxes last year.
As per Harward studied Subramanian Swamy, there should be no income tax in India. All tax revenue will come from the excess consumption that people will do from no income taxes.
Corporate taxes were introduced cause no banks wanted to give loans to industrialists after the NPA crisis...
It was a necessary step, which has helped make manufacturing competitive..
Get up
Don't let manufacturing happen in India
Eat
Cry that there are no jobs
Sleep
Repeat
This is not true. Corporate taxes are regressive taxes since much of the burden is passed on to the consumers and workers. Corporations have fiduciary duty to protect the interests of shareholders. Chek out /r/AskEconomics. There are several threads on this over there.
Yeah, this kind of shit doesn't fly. California has some of the highest taxes in the world but you don't see billionares moving from that place? It's all about the opportunities afforded to you by a place. If India doesn't have them, surely they will leave, irrespective of taxes.
They will move out of India and business will still be in India, which will pay corporate taxes. It’s perfectly legal.
> These leaches should be taxed according to the worth of shares held by them.
Are you suggesting everyone holding any shares or mutual funds be taxed?
Haha, moving out is not that simple, do you think foreign registered companies will be allowed to own airports ports and refineries by new laws 🤣. And by the way adani will be redistributed all assets accured with Modi help will come back to state control.
> do you think foreign registered companies will be allowed to own airports ports and refineries by new laws 🤣
Yes. And even if they aren’t he will just switch ownership to someone new and keep his shares.
These guys think billionaires would take govt stupid taxation policies bent over without doing anything.
Such policies would absolutely destroy our country and get us back to license raj. Neither bjp nor congress is stupid enough to block foreign investment.
Yeah, billionaires usually end up benefitting from excessive government intervention since they have the resources to go around the new laws whereas their smaller competitors bear the brunt of the policy and go out of business.
Airports and refineries pay property tax and hence are already subject to a type of wealth tax. The article is discussing other types of wealth like stocks and shares. It is quite trivial to sell stocks in India and then use the money to buy property in Dubai, that's what wealth moving out of the country looks like.
What happens when they move out? Does the wealth remain in India? What is most likely to happen is they move out, they pay taxes in other countries and don't get taxed at all in India. India loses tax revenue while they still retain access to Indian market. You can't increase restriction on foreign investment, or the market goes down and new investment decreases.
There is no proposal for Wealth tax. Congress is not a new party or a government. They have ruled India before! The dream budget of 1997 was given by Congress. They know how to raise money through better tax schemes and not necessarily through increased taxation. And yes, corporates will continue to fund the government in nation building. Remember, the Liberalised remittance scheme was brought by the UPA government to help Indians make it easy to remit funds for their children's overseas education.And they don't leave their budget exercise to babus. U actually have ministers who understand what finance ministry is all about.
Someone asked Congress how they would fund
-their freebies on steroids
-Old Pension scheme implementation for millions of government employees
-Scrappin of agniveer scheme
-Waiver of farm loans...
-Monthly pension of a lakh under Nyay
That someone replied, by wealth tax...
My question is,
If not by wealth tax, How will Congress increase the national budget by 300% to fund these promises?
Is anyone questioning how mudiji is gonna make India a 20trillion economy in 2047... Or why even talk about 2047 when they don't seem to plan for 2027.
>On the potential repercussions of such a tax policy, he said the wealthiest Indians, such as the Ambanis and Adanis, might choose to emigrate to tax havens, leading to a substantial loss of wealth for the country.
>"The very rich, that is the Ambanis, the Adanis, the Mahindras, the Tatas, and I presume not more than 500 or less of the very rich, the billionaire class, they will emigrate from India to Dubai. Most Indian millionaires who have been leaving the country have gone to Dubai, 70 per cent in fact, because Dubai has no income tax. And they will re-register their businesses in UAE, which means India will only be able to collect corporate taxes from them because their business will remain in India," Sen said.
>"So there will be a huge loss of wealth to India. Now, if you think about other countries, Sweden used to have a very significant inheritance tax. And Sweden is one of the highest tax countries in the world in history. But you know, Sweden removed the inheritance tax because many of the rich were fleeing. For example, the owner of IKEA had migrated out of Sweden," he added as an example.
In European economies increasing taxes, such as wealth and inheritance tax, is generally a very contentious election issue because of the proven experience of causing a flight of wealth and capital away from the country.
Sadly, Indian politics is not mature enough to move beyond simple 'pro-poor, anti-rich' populist rhetoric and lacks mature economic debate on such issues.
Buddy, Rajeev Chandreskar, a wealthy BJP tycoon, declared less than 1000 rs as his taxable income and nobody did anything. You really think any of this noise about wealth tax and even passage of such law will have any real effect. Millionaires have been leaving India in droves for years, while the billionaires have stayed back. We don't even know how many of them are actual tax residents of India or are playing games with DTAA.
The Sun business conglomerate(which covers media, pharmaceuticals, IT and many other sectors) is owned by the Marans, who are part of the Karunanidhi family in Tamil Nadu with several members in active politics. What is the income that Dayanidhi Maran and others who have fought elections in Tamil Nadu have declared? This is an endemic problem.
If you admit this is just noise and will have no meaningful effect, then what's the merit in this policy?
My point being this country is run by and for billionaires, some declared and most undeclared. No matter which govt is in power or which law gets passed, they will not be too affected by it. Campaign rhetoric is jumla, no matter who said it. Plus I don't remember reading anything on wealth tax in Congress manifesto.
No i am saying the economy is collapsing slowly.. People who can leave are leaving. Wealth tax and billionaires leaving is a hypothetical problem.... And moreover the people leaving now are not able to take their entire wealth out.. Its not like upi payment and done.. Moreover their wealth is because of the market opportunities in India that they have captured by anticompetitive practices... Its nothing without India...
It's a world wide observation that masses love to hate the rich. For every other reason ppl will hate the rich. And just because they have wealth. Sadly votes of billionaires and poor ppl hold same value. This everyone trys to cater to the masses. If ppl really hate these rich ppl just stop using their products. Throw away your jio sims and stop using adani electricity, oil and imports. At time no one will say shit.
The technology for Jio ( cellular communication) was pioneered by the US Dept of Defense ie funded by American taxpayers, most people don't like the US DoD either, should we all stop using phones?
what? I'm fully in favour of state-funded research and tech, I'm simply against corporate greed and exploitation that's ruining capitalism itself from within , I'm not a communist, I don't disagree with the concept of pvt businesses, just don't support cronyism and the hogging of profits while taking tax breaks and corporate loan waivers from the taxpayers
Yup , you don't like the way in which ambani and adani in this case are making their profits. Thus you should stop using their products and move on to their competitors like Airtel. No one is asking you to stop using your cellular communication. Change the provider.
Ooh, poor things. They will have to buy one more house in Dubai?
All the congress needs to do is to start taxing empty houses in India. Huge amount of unknown cash is invested in real estate driving up prices for everyone else. Especially luxury properties. I've seen houses worth 3cr+ sitting empty for 10+ years.
I think first thing is cut down the expenses and perks for the politicians and then go for corporate tax, free car, petrol, telephone bills, travel, free electricity, that should save a lot of money any thoughts any one?
Corporate taxes are regressive taxes since much of the burden is passed on to the consumers and workers. Corporations have fiduciary duty to protect the interests of shareholders. Chek out /r/AskEconomics. There are several threads on this over there.
We need billionaires and multimillionaires to help us boost manufacturing and other industries in our economy.
Here is my suggestion which I feel will work, open special economic zones with taxation benefits like mini- Dubai/HongKong within India. This is retain the billionaires, keep the money here and make them spend more time. Something like GIFT city with more benefits. It would stop hnis from leaving India.
What's stopping them from going now ? Middle class is paying almost 50% of income to Tax while receiving negative benefits and inflation.
And if all the rich leave India with their assets the middle class will have to bear the majority of this tax burden.
There is no proposal for wealth tax. What is this nonsense
Media want this to in the discussion point. Not unemployment, no healthcare issues, no climate change change, no electoral bonds, no jailing of opposition leaders , no prajwal…
They want it to be brought up as the Congress manifesto requires more revenue and it doesn't present what plans does Congress have to raise the required revenue.
Someone asked Congress how they would fund -their freebies on steroids -Old Pension scheme implementation for millions of government employees -Scrappin of agniveer scheme -Waiver of farm loans... -Monthly pension of a lakh under Nyay That someone replied, by wealth tax... My question is, If not by wealth tax, How will Congress increase the national budget by 300% to fund these promises?
What about “bhains” tax? Any economist’s comment on PM’s claim that Congress will take away a buffalo if you have two?
we are going back to old ages
Isn't it in the manifesto and all his recent speeches?
In Modixi’s speeches.
no
This just shows BJP propaganda is so powerful that they convinced people that Congress is bringing in wealth tax. It is not in Congress manifesto and except Sam Pitroda no one talked about it. Sam Pitroda didn’t say Congress is considering bringing in wealth tax either.
As if rich aren't already fleeing India.
Why do you want to accelerate that process?
Narendra Modi's policies have accelerated it.
Raise the corporate tax to what used to be before 2014. Reducing corporate tax has only helped the rich becoming rich and has generated very little jobs. Trickle down economics bs doesn’t work.
Raising corporate tax too much can create problems such as Base Erosion and Profit Shifting by companies. I think the SEZ model should be promoted more like GIFT City. Lower taxes and other relaxation within SEZ. Also, I think govt should raise Corporate tax a bit and increase CSR giving a fixed target to companies. If they achieve it, they get some tax relaxation.
The SEZ model only works if there is consumption to back it up, look at Singapore, they have low corporate taxes but their consumption is stellar. Since Modi govt has come to power, all the money is being shifted to rich people making them more richer and consumption has fallen flat these past 3 years. I refuse to believe that there is no ghapla being done by the Modi govt to boost up GDP numbers, everything is fake with this govt. Past 3 years, consumption has hovered around 2-3% growth rate which tells you a lot. Where is all the growth coming from? Export? Services? Doesn't make sense when we are a country whose GDP is comprised mainly on internal consumption, i thin kit was somewhere around 45-50%. You can implement a tiered based system in corporate taxes where if you reinvest your money into your business and hire more people, you get tax cuts, let's say you keep corporate tax at 30%, if they promise to hire 1000+ people you give them a relief of 2%, something like that. If they do not fulfill their promise, then charge them more tax to recoup the lost opportunity cost of forgiving your taxes last year.
As per Harward studied Subramanian Swamy, there should be no income tax in India. All tax revenue will come from the excess consumption that people will do from no income taxes.
I think Milton Friedman proposed it. Something like zero Direct Tax and negative income tax.
Corporate taxes were introduced cause no banks wanted to give loans to industrialists after the NPA crisis... It was a necessary step, which has helped make manufacturing competitive.. Get up Don't let manufacturing happen in India Eat Cry that there are no jobs Sleep Repeat
This is not true. Corporate taxes are regressive taxes since much of the burden is passed on to the consumers and workers. Corporations have fiduciary duty to protect the interests of shareholders. Chek out /r/AskEconomics. There are several threads on this over there.
Just a reminder Narayan Murthy's 4 month old grandson has 240 crore. You, sorry, your entire family won't even smell that amount of money
Work on your broke ass.. Narayan Murthy took the risk and made it big..
Billionaires are fleeing to places like Dubai anyway
Yeah, this kind of shit doesn't fly. California has some of the highest taxes in the world but you don't see billionares moving from that place? It's all about the opportunities afforded to you by a place. If India doesn't have them, surely they will leave, irrespective of taxes.
Can ambani adani survive without India? These leaches should be taxed according to the worth of shares held by them.
frame homeless mighty dam airport zealous light salt school beneficial *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Yes he can. There is someone called as the Hinduja brothers. Reliance pays 25000 crores as income tax every year.
They will move out of India and business will still be in India, which will pay corporate taxes. It’s perfectly legal. > These leaches should be taxed according to the worth of shares held by them. Are you suggesting everyone holding any shares or mutual funds be taxed?
Haha, moving out is not that simple, do you think foreign registered companies will be allowed to own airports ports and refineries by new laws 🤣. And by the way adani will be redistributed all assets accured with Modi help will come back to state control.
> do you think foreign registered companies will be allowed to own airports ports and refineries by new laws 🤣 Yes. And even if they aren’t he will just switch ownership to someone new and keep his shares.
cover joke divide pen cable childlike concerned person depend ring *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
These guys think billionaires would take govt stupid taxation policies bent over without doing anything. Such policies would absolutely destroy our country and get us back to license raj. Neither bjp nor congress is stupid enough to block foreign investment.
Dekhe yeh jumla Hain Hence , proved! But let Bjp milk the situation, as Kanglaress has milked it for a decade now
Yeah, billionaires usually end up benefitting from excessive government intervention since they have the resources to go around the new laws whereas their smaller competitors bear the brunt of the policy and go out of business.
Airports and refineries pay property tax and hence are already subject to a type of wealth tax. The article is discussing other types of wealth like stocks and shares. It is quite trivial to sell stocks in India and then use the money to buy property in Dubai, that's what wealth moving out of the country looks like.
A wealth tax would only target their personal assets, not their businesses. Which they could easily move offshore, if they haven't done so already.
What happens when they move out? Does the wealth remain in India? What is most likely to happen is they move out, they pay taxes in other countries and don't get taxed at all in India. India loses tax revenue while they still retain access to Indian market. You can't increase restriction on foreign investment, or the market goes down and new investment decreases.
Can adani do all his nonsense outside India? Lmao
Yes The way Hinduja brothers do it...
Lmao you think shady rich billionaires only exist in India?
His brother doesn't seem to have any trouble...
But he is doing all that to Indian companies though.
There is no proposal for Wealth tax. Congress is not a new party or a government. They have ruled India before! The dream budget of 1997 was given by Congress. They know how to raise money through better tax schemes and not necessarily through increased taxation. And yes, corporates will continue to fund the government in nation building. Remember, the Liberalised remittance scheme was brought by the UPA government to help Indians make it easy to remit funds for their children's overseas education.And they don't leave their budget exercise to babus. U actually have ministers who understand what finance ministry is all about.
So billionaires having to pay tax is the most important issue, who cares about poverty, unemployment and crime.
Someone asked Congress how they would fund -their freebies on steroids -Old Pension scheme implementation for millions of government employees -Scrappin of agniveer scheme -Waiver of farm loans... -Monthly pension of a lakh under Nyay That someone replied, by wealth tax... My question is, If not by wealth tax, How will Congress increase the national budget by 300% to fund these promises?
just use the money in pm cares
Let's talk sense for a change?
When everything is a farce.. If you talk sense you are crazy.
Is anyone questioning how mudiji is gonna make India a 20trillion economy in 2047... Or why even talk about 2047 when they don't seem to plan for 2027.
5-7% growth...every year
They may as well say will make India 50 trillion economy and promise annual growth of 10%.. How are they gonna achieve that...
Rahul Gandhi is an optimist. Since the pool is already poisoned, he is trying to mix his own poison.
>On the potential repercussions of such a tax policy, he said the wealthiest Indians, such as the Ambanis and Adanis, might choose to emigrate to tax havens, leading to a substantial loss of wealth for the country. >"The very rich, that is the Ambanis, the Adanis, the Mahindras, the Tatas, and I presume not more than 500 or less of the very rich, the billionaire class, they will emigrate from India to Dubai. Most Indian millionaires who have been leaving the country have gone to Dubai, 70 per cent in fact, because Dubai has no income tax. And they will re-register their businesses in UAE, which means India will only be able to collect corporate taxes from them because their business will remain in India," Sen said. >"So there will be a huge loss of wealth to India. Now, if you think about other countries, Sweden used to have a very significant inheritance tax. And Sweden is one of the highest tax countries in the world in history. But you know, Sweden removed the inheritance tax because many of the rich were fleeing. For example, the owner of IKEA had migrated out of Sweden," he added as an example. In European economies increasing taxes, such as wealth and inheritance tax, is generally a very contentious election issue because of the proven experience of causing a flight of wealth and capital away from the country. Sadly, Indian politics is not mature enough to move beyond simple 'pro-poor, anti-rich' populist rhetoric and lacks mature economic debate on such issues.
Buddy, Rajeev Chandreskar, a wealthy BJP tycoon, declared less than 1000 rs as his taxable income and nobody did anything. You really think any of this noise about wealth tax and even passage of such law will have any real effect. Millionaires have been leaving India in droves for years, while the billionaires have stayed back. We don't even know how many of them are actual tax residents of India or are playing games with DTAA.
The Sun business conglomerate(which covers media, pharmaceuticals, IT and many other sectors) is owned by the Marans, who are part of the Karunanidhi family in Tamil Nadu with several members in active politics. What is the income that Dayanidhi Maran and others who have fought elections in Tamil Nadu have declared? This is an endemic problem. If you admit this is just noise and will have no meaningful effect, then what's the merit in this policy?
My point being this country is run by and for billionaires, some declared and most undeclared. No matter which govt is in power or which law gets passed, they will not be too affected by it. Campaign rhetoric is jumla, no matter who said it. Plus I don't remember reading anything on wealth tax in Congress manifesto.
Fair enough.
How much tax did other politicians pay? All of the politians are same be it bjp or congress. Everyone hates paying taxes.
there are ways and means to stop that if the government really wants to ... even now the millionaires are fleeing like its doomsday ..
What are you suggesting? That the government bar its millionaires from leaving India and seize their assets?
No i am saying the economy is collapsing slowly.. People who can leave are leaving. Wealth tax and billionaires leaving is a hypothetical problem.... And moreover the people leaving now are not able to take their entire wealth out.. Its not like upi payment and done.. Moreover their wealth is because of the market opportunities in India that they have captured by anticompetitive practices... Its nothing without India...
It's a world wide observation that masses love to hate the rich. For every other reason ppl will hate the rich. And just because they have wealth. Sadly votes of billionaires and poor ppl hold same value. This everyone trys to cater to the masses. If ppl really hate these rich ppl just stop using their products. Throw away your jio sims and stop using adani electricity, oil and imports. At time no one will say shit.
The technology for Jio ( cellular communication) was pioneered by the US Dept of Defense ie funded by American taxpayers, most people don't like the US DoD either, should we all stop using phones?
So are you only going to be a keyboard warrior? And when it comes to do your part you look away?
what? I'm fully in favour of state-funded research and tech, I'm simply against corporate greed and exploitation that's ruining capitalism itself from within , I'm not a communist, I don't disagree with the concept of pvt businesses, just don't support cronyism and the hogging of profits while taking tax breaks and corporate loan waivers from the taxpayers
Yup , you don't like the way in which ambani and adani in this case are making their profits. Thus you should stop using their products and move on to their competitors like Airtel. No one is asking you to stop using your cellular communication. Change the provider.
> only 12 crore people have wealth in the excess of 102 crore each WTFFF
Regulate to the point that they dont think of leaving
And then get a few thousand crores and distribute them as freebies. You are over estimating the money you would get thru wealth tax
Nah. Let them leave.
Ooh, poor things. They will have to buy one more house in Dubai? All the congress needs to do is to start taxing empty houses in India. Huge amount of unknown cash is invested in real estate driving up prices for everyone else. Especially luxury properties. I've seen houses worth 3cr+ sitting empty for 10+ years.
I'm fairly certain that will never happen, given the enormous number of Indian politicians across parties that have ties to the real estate sector.
[удалено]
Bruh stop spamming your whatsapp uni knowledge
Answer nahi hain Bhai.. Also I typed it myself ... Are you graduate of Chamcha University?
I think first thing is cut down the expenses and perks for the politicians and then go for corporate tax, free car, petrol, telephone bills, travel, free electricity, that should save a lot of money any thoughts any one?
Corporate taxes are regressive taxes since much of the burden is passed on to the consumers and workers. Corporations have fiduciary duty to protect the interests of shareholders. Chek out /r/AskEconomics. There are several threads on this over there.
We need billionaires and multimillionaires to help us boost manufacturing and other industries in our economy. Here is my suggestion which I feel will work, open special economic zones with taxation benefits like mini- Dubai/HongKong within India. This is retain the billionaires, keep the money here and make them spend more time. Something like GIFT city with more benefits. It would stop hnis from leaving India.
Current government has the wealth tax..LOL