The rich should be taxed more, according to Indian Union Home Minister P. Chidambaram.
The minister, who was earlier the Finance Minister of the country between May 2004 and November 2008, however, said that many people would not like this.
Addressing a function of the All India Management Association here, Chidambaram said: “We must raise the tax revenue to defend (the expected aggregate decline of resources). I know many people won’t like this. But I think, I can summon the courage to make the statement.”
“I am (was) the Finance Minister who slashed your tax rates. Therefore … you must be prepared to pay higher tax rates, especially the rich must be prepared to pay higher tax,” he added.
Chidambaram, who as Finance Minister of the country was credited with presenting a ‘dream budget’ in the initial years of his tenure, further in Europe rich people were getting together to say: “Please tax us more.”
Chidambaram also said that poverty must decline rapidly and at a higher rate than the current one percent, if the country has to achieve inclusive growth in the future.
“Poverty must decline. The rate at which poverty declined in the first years of liberalisation was about 0.8 percent a year. We believe it’s now declining at about one percent a year. Poverty must decline at a higher rate,” said Chidambaram.
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