Sunday, 17 February 2013

A Comment on An Article " Taxing The Rich More"

My Comment on an article in The Economic Times "Taxing The Rich More is Inefficient : Readers React" published on 17/02/2013 at 10:45 am.

  Taxing the affluent class with a higher rate is not a bad idea. If they try to adopt other tax saving practices like diverting money to FDI, FII or other methods let them do. These practices can ultimately lead to investments in industry which is good. So affluent can be taxed. Already there are three slabs in Income Tax rates. Modifying them and including another slab should be considered. The first slab of 10% tax may be increased to cover income ranging 2 lacs to 10 lacs. The second slab of 20% to cover 10 lacs to 20 lacs. Third slab of 30% to cover 20 lacs to 50 lacs. And one more slab of 40% to cover income above 50 lacs.

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