Three American economists, Daron Acemoglu, Simon Johnson, and James Robinson, were awarded the Nobel Prize in Economic Sciences for their groundbreaking research on wealth inequality between nations. Their work highlights the importance of strong legal frameworks and institutions for economic growth, as highlighted in their influential book ‘Why Nations Fail’.
The world’s richest 1% are responsible for as much carbon emissions as the poorest two-thirds of humanity. This disparity is fueling calls for climate policies targeting the super-rich, including billionaire taxes. New research reveals that the public often underestimates the carbon footprints of the wealthy, potentially impacting their support for policies aimed at reducing emissions. This article explores the vast differences in emissions between the rich and the poor, highlighting the urgency of addressing this issue through taxation and lifestyle changes.
The G20 nations have reached an agreement to work together to ensure the ultra-wealthy pay their fair share of taxes. This agreement, reached at a meeting of finance ministers in Rio de Janeiro, falls short of a full-fledged global deal but marks a significant step towards addressing wealth inequality. While the US and Germany oppose a global tax on billionaires, countries like France, Spain, and South Africa support the initiative. This agreement comes amid growing concerns about wealth disparity and the need for robust fiscal buffers to address global challenges like climate change.
Amidst the political turmoil surrounding Congress’s wealth survey poll promise, Sam Pitroda’s proposal for an inheritance tax has ignited a fierce debate over income redistribution and wealth inequality. Prime Minister Modi has denounced Congress’s proposal as ‘loot,’ prompting a heated discussion among India’s leading economists on the merits and drawbacks of wealth redistribution. In other news, Alia Bhatt made a stunning appearance at the premiere of Sanjay Leela Bhansali’s ‘Heeramandi,’ while the race for Baghpat in Uttar Pradesh’s Lok Sabha polls intensifies. The pulse of voters in coastal Karnataka is also being closely watched as the electoral battle there heats up.
India once had an inheritance tax known as Estate Duty, which was abolished in 1985. The tax aimed to reduce wealth inequality but was repealed due to low revenue yield and high administrative costs. In recent news, Indian Overseas Congress chief Sam Pitroda’s comments on US inheritance tax sparked controversy. India currently does not have any federal inheritance tax, unlike the US, where it is levied on recipients of inherited assets in six states. Other countries such as the United Kingdom, Japan, and South Korea have inheritance tax rates ranging from 40% to 55%. The debate over inheritance tax highlights the complex issues of wealth distribution and tax policy.
Sam Pitroda, Chairman of the Indian Overseas Congress, recently shared his views on inheritance tax. He emphasized the importance of addressing wealth inequality and ensuring a fair distribution of resources.
The Congress party has criticized Prime Minister Narendra Modi’s remarks about “redistribution of wealth” and accused him of resorting to lies and hate speech. The party claims that over 40% of the wealth created in India from 2012 to 2021 went to just 1% of the population, while most of the public assets sold in the last ten years have gone to one or two companies. The Congress asserts that only an INDIA bloc government can deliver more inclusive economic growth.
