INTERVIEW QUESTIONS TAX WEALTH TAX DETAILS

Question: What is the significance of Wealth Tax?

Answer: Given that India reportedly has around 800 million people in poverty, wealth tax has been a politically sensitive subject and therefore, often figures in the pro-poor and pro-industry narrative in the country. Many political parties have, in the past, demanded wealth tax rates to be raised to 3% to reportedly make several urban and rural crorepatis pay more taxes. Also, according to experts, wealth tax holds special significance in today’s India, what with the growing number of billionaires in the country, owing to several factors including booming entrepreneurship and foreign direct investment in specific sectors among others.

Given that India reportedly has around 800 million people in poverty, wealth tax has been a politically sensitive subject and therefore, often figures in the pro-poor and pro-industry narrative in the country. Many political parties have, in the past, demanded wealth tax rates to be raised to 3% to reportedly make several urban and rural crorepatis pay more taxes. Also, according to experts, wealth tax holds special significance in today’s India, what with the growing number of billionaires in the country, owing to several factors including booming entrepreneurship and foreign direct investment in specific sectors among others. Source: CoolInterview.com

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