Results for: Wealth Inequality

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 The tax aimed to reduce wealth inequality but was repealed due to low revenue yield and high administrative costs.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.