November 30, 2020

The rich are becoming richer & poor are becoming poorer, Blog by S.Sudhakar Reddy

Blog By S.Sudhakar Reddy.

The rich are becoming richer & poor are becoming poorer. According to Oxfam 63 Indian Billionaires Have More Money Than The India’s Union Budget. Wealth of India’s richest 1% is now more than 4-times of total for 70% poorest. Oxfam also said the world’s 2,153 billionaires have more wealth than the 4.6 billion people who make up 60% of the planet’s population. Getting the richest one per cent to pay just 0.5 per cent extra tax on their wealth over the next 10 years would equal the investment needed to create 117 million jobs in sectors such as elderly and childcare, education and health.To reverse the income inequality tax burden on poor and middle class has to be reduced. Apart from reducing income tax it is very important to reduce GST. For first time in India indirect taxes are higher than direct taxes. Every person purchasing small things like toothpaste & soap are paying huge taxes through GST & cess on fuel. Indirect taxes most of which is paid by the common man is way more than taxes paid by corporates and rich