India's Congress party urges PM Modi to impose a 2% wealth tax on billionaires to fund public services and address wealth inequality.
India's opposition Congress party calls on PM Modi to impose a new tax on the wealthy, including India's 167 billionaires, to fund public services such as education and health. A 2% tax on their wealth could generate 1.5 trillion rupees ($18 billion) or 0.5% of GDP. This comes as wealth in the hands of India's richest 1% is at its highest level in six decades, surpassing the US and Brazil. The Congress party also wants clarity on India's stance on a global tax on billionaires to be discussed at the upcoming G20 summit in Brazil.
July 12, 2024
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