Should the rich and wealthy in India be taxed more?

Taxes

 Yes :-

  • With the extra revenue, we can create a better and safe environment, provide quality education, build, roads and infrastructure which every nation needs for the development.
  • This scheme will help in reducing the wealth gap between the rich and the poor and also in reducing the high-income inequality in the economy.
  • Majority of the taxes earned are from the lower classes, rich and corporate are taxed very less and easily get away with it which should be stopped for the sustainable growth.
  • The banking sectors need to do something as they are just giving large benefits to large people.
  • The rich already have enough money to live a good lifestyle; it won’t be a problem for them if they pay little more tax.

No :-

  • The Government which will pass the law or bill on increased tax for the rich will eventually lose their voters from the vote bank.
  • The highest tax slab is 30% which means almost half of the income of the person goes to the government. Therefore, rather than raising the tax the government should focus on to improve the avoidance of the tax.
  • Charging the higher tax rate from the superrich without defining the definition of superrich will again create a problem.
  • The agricultural sector doesn’t pay taxes, bringing them into the scenario would earn good revenue for the government.
  • India has a huge amount of black money, bringing even the small percentage of black money will earn huge revenue for the government. Rather than just taxing the superrich.
  • With more taxes mean less money will go into charity and donations which are the only source of income for many orphanages and shelter homes.
  • Less tax means there is more potential for the people to invest in the new businesses and startups.
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Situation In other countries :-

  • Countries like Sweden, Canada, and Australia have higher tax rates for the rich and are doing well in terms of growth and economy.
  • Belgium charges the highest tax in the world i.e.; 54.9%.
  • India’s top tax rate i.e.; 30% was set up in 1997.

Conclusion :-

We need a new taxation system because with the present system we are never going to get enough money from the rich directly because they have lawyers, and policymakers,  who by some means save their money in one way or the other so it is better to have a flat tax system. But this flat tax system will harm the lower class more. The main purpose of the country should be to focus on earning revenues, but along with this the superrich also does charity and donations which should be kept in mind. We have a tax system which doesn’t provide much freedom to the businesses to invest. Whichever is the side, the economic crises is going to affect both the rich and poor in the same way.

Afterwords :-

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5 comments

  1. According to me rich and wealthy people should tax more – no unnecessarily they will not pay more tax but It should be transparent. They are earning from their business huge money but when they go to pay the taxes that time they have intention if they can save some money .people they have to change their intentions they earn money and should pay tax.

    Rich people they have lawyer they are taking care their tax structure I e they can save money
    Two days before our PM addressed the nation for transparency in income tax dept. He told in India 135 crores peoples are there but tax payer only 1.5 crores peoples. If people will not pay tax then how govt .will get the revenue. So rich people they have to change their intentions they should pay tax transparently, they should not hide their income.

  2. You are completely wrong the rich should not be taxed more just cuz they earn more. Also the rich pay the most taxes in India and are treated the worst. Anyone who is pro-rich is labelled to be anti-poor. also the countries you mentioned provide advantages to the taxpayers in healthcare and help them when they can’t earn anymore. in India the upper middle glass gives the most taxes but dud to their sheer number nobody cares about them. It is not right that somebody is poor and have to face hardships but India is a land of equality and we should understand that those who earn legally should not be blamed for poverty. No rich person who earns his money legally is stealing the poor. We should blame those who actually do scams and trade black money.

  3. taxing rich more seems unfair to the businessman who earn the money by doing hard work and this might motivate them to start doing tax ki chori which he might not be doing earlier. instead of taxing more government should focus more toward to stop the exploitation of the loopholes in the system which help rich in avoiding taxes. increasing rate of the the tax might push more individuals for the tax avoidance

  4. Well, it doesn’t make any sense charging more money to richer class as they already paying much more & also doing donations.
    for example :
    Poor -> 30% of 10000=3000 only
    Rich -> 30% of 10000000=3000000

    Instead gov. should do something about black money!

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