A bloomberg report. Don’t know how true it is. another move to make rich run from the country? Markets for sure won’t like this.
I think the rich will always find a walk around and some how middle class will pay it directly or indirectly.
They have to abide by world standards!
Probably won’t be a drastic change!
But yeah, little little , it may change ?!
Even if it’s true, how will this benefit the ones who are already lower in the pyramid when compared to the riches? Might also reduce participation from the top earners.
The article says nothing to be honest other than saying 30% tax on rich is existing tax!
And some facts & at the end or start, it generally states that this is the cause & wants to done & modi govt is eyeing! & Spiiting facts which everyone knows like gst tax centralization & companies moving out of china & all !
Probably mumbai based indices reduced 0.6% after a report is only note worthy…that too not much of thing to worry it seems
It’s just gimmick dont take this article seriously!
It’s not true.
Apparently the finance ministry just denied this news.
Our markets are easy to get manipulated by the digital and tv media
Indians are naive!
Corporates are cunning!
Beacuse of the wealth parity…as well as knowledge parity!
Indians who knows something & paying tax directly is so small about 4-5%
Atleast, you can add 20% to knowledgeable Indians
Which will be in crores by the way in terms India’s population!
Seemingly probably 80% buy biscuits & pay taxes indirectly (not only biscuits…but you get it right…!)
That’s the reason, our govt is the way it is!
And that’s why we are developing without much slippage!
Yeah, poor people spend more money on such things as proportion of income, and so pay more tax than they should.
Increasing capital gain tax within reason is not really bad. Why should people like jhunjunwala (RIP) pay less tax ?
But they should also cover all other loopholes and then reduces taxes overall.
But i don’t think that will happen. CG/STT has proven to be politically easy to tax more, we have seen that happen repeatedly and so this (LTCG) increase i think will also eventually happen, while everything else remains the same.
One would be less cynical if they had been just as proactive in fixing taxation in other obvious areas like agriculture. Even actors get 25% tax free income in some cases apparently - So Tendulkar is an actor now …
To be honest, having less tax for rich is good!
But it want to less comparing to other nations & not to the rock bottom!
So, rich can stay in our country, And circulate the money, so our gdp charts go high!
And that’s how in US education,medicine all has a big business & can’t pay without loans or insurance!
You can draw many comparison reagarding US!
We can purchase some medicines without doctor prescription! But In US we always need to get prescription even for Paracetamol/calpol & whatever other brand names!
This is one such example!
But comparing India, Our govt, is so strict in securing Naive Indians…but for that we pay slightly tax!
Nowadays, atleast people making illegal money is reduced , so you can assume rich are more taxed in relative to that!
And Nowadays, Our Govt is spending tax in efficient ways!
So, we are on a good track I would say!
At the end, we cant predict future
I hope this is sarcasm …
Really…you can search for yourself in google!
You know for educational institutions, we have govt colleges which is good in quality of education and dominant compared to private institutions!
For Aiims & IITs with world class education, you can say the fees is so much negligible!
But In US, For joing college loan becomes customary!
Even For Ivy league colleges (compared to IITs & Aiims of India) fees are high!
Seemingly, you can have scholarship in IVY leagues, but conditions are frivolous!
Donations are legal there!
Even business pouring money for politicians to make the decisions they want is legal there!
You can avail official pdfs regarding who give how much!
Imagine what would be, If India is like that!
We can’t afford that! That’s the reason we are on good track!
See, our neighbouring developing countries can’t able compete ! That is all because of all Congress & BJP & general thoughts of Indians!
You can fact check for yourself with google !
Regarding all my claims!
But you know, these are subjective!
Some may say, this things will happen anyway!
Making them come under law & under public eyes will be good!
So, there’s two sides to the coin!
Make your opinion after your research!
Not just with my introduction of topics!
I wouldn’t trust them… Thye have denied things before & tweaked taxation …
Besides, they did make some changes to capital gains deduction limits this time which are gonna hurt quite a few ppl… I know of small time developers who sold off in a rush to large developers in Feb-March (before 31st March 2023) just so that they don’t get stung by that 10 cr CG limit…
They also made changes to debt MF taxation among other things… If you try to piece together cues, may be they could go in for some big announcement later next year… But remember it is also election year. So my guess is they won’t do anything during the interim budget in Feb 2024 (except perhaps making a gimmicky kinda move like hiking tax free slab to 10L … they did this in 2019 too),
Remember that gyaani sri sri hasmukh adhia? Dude was a visionary - calling it “effortless capital gains”
yes, i thought you wanted it that way ( high costs).
US is not perfect clearly, health care costs seem to be crazy vs other developed countries. But that is not a positive on India. But anyway, let it be.
What I want to say is that…In US laws more sided with corporates than people!
That’s why people can’t paracetamol without prescription (There’s many, but you get it right?)
But they say proudly, this is all capitalism! (Many whom I argued with…)
But laws being one sided is different from capitalasim!
They have been in absolute power for a decade now. Yet, anytime there is political risk they back away. So I don’t expect much. Anyway, none of this is in our control, unless everyone decides to start blocking roads and railways and starts burning tires.
There was a lot of big talk before the election 10 years ago, most of it vaporware really. That was the first and last time i believed a politician
Logically people should ask for high quality universal basic services - health/education/space/cleanliness/water/food/disability etc etc and pay fair taxes to fund that. But instead people look for and vote for optimizing their own narrow interests trying to take advantage of whatever loopholes they can find.
I second that!
Casteism & illogical People & freebies make a greater impact too!
for rich to curb inequality ?
How? didn’t they just reduce the surcharge on income from 37% to 25% last budget?