World Inequality Lab proposes an annual wealth tax & inheritance tax for ultra-wealthy Indians, aiming to reduce wealth concentration and generate revenues for redistributive policies and public spending.
The World Inequality Lab proposes an annual wealth tax & inheritance tax for ultra-wealthy Indians, with a 2% annual tax on net wealth over Rs 10 crore and a 33% inheritance tax on estates above the same threshold. This tax package aims to reduce wealth concentration, generate 2.73% of GDP in revenues, and invest in redistributive policies for the poor, lower castes, and middle classes. The taxes could potentially double public spending on education and other social sectors.
May 24, 2024
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