Argument for taxing 'very rich' should be considered: Chidambaram

Discussion in 'Economy & Infrastructure' started by nrj, Jan 24, 2013.

  1. nrj

    nrj Stars and Ambassadors Stars and Ambassadors

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    Finance Minister P Chidambaram, who has talked about a stable tax regime during his meetings with foreign investors in the last two days, has said that the argument for taxing the very rich "a little more" should be considered.

    "I believe in stable tax rates. However, I must concede that there is an argument, underline the word argument, that when the economy requires, when the government requires more resources the very rich should willingly pay a little more.

    "That is not to say that tax rate should not be stable. I think we should have stability in tax rates but we should consider the argument whether the very rich should be asked to pay a little more on some occasions," he told CNBC TV18.

    However, he was quick to add, "but that is not a view I am expressing. That is simply an argument that I have heard and I am repeating."

    Chidambaram said tax rates that were announced in 1997 (in the Budget he had presented then), have remained and have survived four governments and four finance ministers.

    On the Budget to be presented next month, he said the Budget is not drawn up keeping an election in mind. "The election is a good 14 months away from the Budget. The Budget will be a responsible budget".

    The finance minister said if on February 28 he could show that the government has kept fiscal deficit below 5.3% and if Budget estimates show that the next year's fiscal deficit will be below 4.8%, then he can show a healthy growth in revenues over next year.

    "I think that is the time when rating agencies should consider moving us from... I mean improving the outlook and then improving the rating," he said.

    Several experts including chairman of Prime Minister's Economic Advisory Council (PMEAC) C Rangarajan have underlined the need for imposing higher rates of taxes on super rich.

    On Wednesday, Wipro Chairman Azim Premji had said the suggestion for taxing the super-rich was a "politically" correct thing to do, but expressed doubts whether the government will actually implement the proposal.

    India taxes income at three rates - 10%, 20% and 30%. These rates were fixed in 1997.

    Argument for taxing 'very rich' should be considered: Chidambaram - Money - DNA
     
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  3. nrj

    nrj Stars and Ambassadors Stars and Ambassadors

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    You don't want to do that. Rich will just flee out of country. Can't we see whats happening to France ?
     
    sob and thakur_ritesh like this.
  4. Mad Indian

    Mad Indian Proud Bigot Veteran Member Senior Member

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    This is how it happens. First they will fck up the treasury by giving out welfare and other socialist shit .then citing the poor economy(which they themselves are responsible) they will raise the the taxes. And before we know it, we will be back to square one- pre liberalisation levels. Bye bye India story.


    I think middle class is the biggest pain in the ass for the Congi govt. The more people become middle class the more they will see their bull shit. Hence the only party which will benefit from destroying our economy is congress. I think that is the reason they are taking us through the drain. Its time middle class stood united. Remember- the ore they tax the ultra rich- the less they invest back in India and less no. Of jobs. More poverty... More votes for their welfare non sense and more poverty. Its a vicious cycle....



    @averageamerican see how socialism works and learn. Your country is doomed- Democrats will run your country to ground fast when China is growing:lol:
     
  5. Ray

    Ray The Chairman Defence Professionals Moderator

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  6. Mad Indian

    Mad Indian Proud Bigot Veteran Member Senior Member

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  7. parijataka

    parijataka Senior Member Senior Member

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    Super rich anyway have their money parked abroad - especially our political class and big business men.
     
  8. Mad Indian

    Mad Indian Proud Bigot Veteran Member Senior Member

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    Vasan eyecare chain of hospitals are owned by Chiddu *** through his benami . By taxing the rich, the politicos like the Chiddu *** can force the competition out and can monopolise the industry.


    Also, consider tat only 2% have broadband in India(give or take). So essentially, we all are super rich. So lets start donating our income mandatorily to random strangers on streets who won't work.. If you consider my proposal stupid- then you should realise that this proposal is the same as that;)
     
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  9. Ray

    Ray The Chairman Defence Professionals Moderator

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    These are all politically correct noises since the new mantra for the Congress is positive politics.

    All talk no go.

    It is to make people feel great but in the long run, Cidambran is known to live by one hand and take it by the other!

    He is after all steeped with the baniya genes!
     
  10. Mad Indian

    Mad Indian Proud Bigot Veteran Member Senior Member

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    ^^^ which is worse as it would mean hypocrisy and dishonest politics:tsk:
     
  11. Ray

    Ray The Chairman Defence Professionals Moderator

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    But isn't that what politics is all about?

    Garib Hatao, Am Admi, Indian Shining and all those meaningless slogans?
     
  12. sob

    sob Moderator Moderator

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    These are all diversionary moves by the FM. He is past master of this. He cannot afford to go after the super rich, for one they have the means/loopholes to avoid paying taxes and second if the money flies out or goes underground, then who will invest money in the economy.

    Do not expect anything dramatic like this. Service Tax rates will go up, service tax net will increase. Some cess might be added to the current taxes. The main effort of the FM on the eve of the General Elections will be not to rock the boat.
     

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