WEALTH INEQUALITY
Failure to tax world's richest means global tax needed: report
The idea of a global tax on the richest is already supported at the G20 by Brazil, France, Spain and South Africa -- although the United States has opposed it. Tuesday's report by economist Gabriel Zucman calls for a coordinated minimum tax standard for ultra-high net worth individuals, arguing "the very wealthy benefit from a gigantic tax privilege".
New survey reveals nearly 74% Indians support taxing the super-rich; Here's why
As the G20 finance ministers' meeting approaches, a new survey shows overwhelming public support for a wealth tax on the super-rich. Conducted by the Earth4All initiative and Global Commons Alliance, the survey reveals that 74 per cent of Indians support wealth taxation to address global issues like hunger, inequality, and climate change. The meeting will discuss implementing a global minimum tax on the ultra-rich, potentially reshaping global economic policies.
IMF calls for stronger social safety net to 'broaden' gains from AI
Fiscal policy has a "major role to play" in broadening the financial gains from generative AI technology and preventing a spike in wealth inequality, the IMF said Monday. "Fiscal policy has a major role to play in supporting a more equal distribution of gains and opportunities from generative-AI," IMF staff wrote in a blog post published to accompany the new paper.
Big plate of supply-side up: Why economies can’t redistribute their way to prosperity
The tried-and-tested approach to growing an economy, lifting per-capita incomes and alleviating poverty sustainably, is to focus on supply-side reforms to lift public and private investment. This approach has worked in many East Asian economies and India's historical context. By helping boost investment, supply-side reforms help accelerate productivity, job creation and income growth, reducing poverty effectively over the medium term.
View: Don't eat the rich, it'll hurt the rest
Many countries have attempted to tax the rich through these taxes without success. They fundamentally militate against simple economic logic - disproportionate amounts are spent on their collection, and evasions are easy. The taxes also disincentivise enterprise and lead to flight of capital, affecting growth.
Luxury influencers vanish from Chinese social media in wealth crackdown
Chinese social media censors have blocked multiple influencers known for showing off their lavish lifestyles after an official campaign to curb displays of ostentatious wealth online was announced. China's internet watchdog in April launched the "Clear and Bright" campaign to remove undesirable content from social media, vowing to crack down on influencers who created "ostentatious personas to cater to vulgar needs, and deliberately display extravagant lifestyles filled with money".
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Wealth Redistribution Tempest: Much ado about nothing (read no vote bank)?
The idea of wealth redistribution proposed by Congress leader Rahul Gandhi has sparked a heated debate in India's political landscape, with Prime Minister Narendra Modi labeling it as 'dangerous'. The discussion revolves around conducting surveys to assess wealth distribution and potential redistribution policies, stirring up controversy and accusations between political parties. The issue highlights growing income inequality and calls for radical measures to address economic disparities. While some experts advocate for progressive taxation and social spending to enhance economic equality, others caution against the potential negative impacts of wealth redistribution on individual incentives and overall economic growth. The ongoing debate underscores the complex challenges of wealth inequality in India and the need for thoughtful and effective solutions to ensure a fair and inclusive society.
Rejig of riches: Study moots robin hood tax for equality
A new study co-authored by economist Thomas Piketty suggests India should impose a wealth tax on the ultra-rich to tackle inequality. Anmol Somanchi, one of the authors, emphasizes the need for progressive wealth taxation and social sector investments.
No vote-bank threat, less capital-flight risk from wealth tax: Nitin Kumar Bharti
Nitin Kumar Bharti, lead author of a recent World Inequality Lab report, suggests imposing a wealth tax in India to address inequalities, stating it would not affect 99.96% of the population.
Gotta fix those inequality gaps
Since 1947, India has experienced considerable economic expansion, yet the advantages of this growth have not been evenly spread. The era of economic liberalization brought forth fresh avenues and prosperity, but it also contributed to a surge in inequality, a trend further magnified by recent economic upheavals, such as the pandemic. In 1967-68, the top 10% of the population accounted for 36.49% of the total national income.
Study suggests India should impose wealth tax on the ultra-rich to tackle wealth inequality
A World Inequality Lab study recommends India implement a wealth tax on the ultra-rich to combat wealth inequality and boost social sector investments. Proposed measures include a 2% annual tax on wealth over Rs 10 crore and a 33% inheritance tax on estates exceeding the same value. Authors emphasize the need for progressive taxation to address extreme wealth disparity.
India should impose tax on ultra-wealthy to tackle wealth inequality, says study
The paper titled 'Proposals For a Wealth Tax Package to Tackle Extreme Inequalities in India' propose a comprehensive tax package on the ultra-wealthy to tackle the massive concentration at the very top of the wealth distribution and create valuable fiscal space for crucial social sector investments.
Does Article 39(b) allow government to take over your property?
The 18th Lok Sabha elections spark a debate on inequality in India as Congress proposes a caste census, countered by BJP's accusations. The Supreme Court is re-evaluating Article 39(b) in a property dispute case, which could impact Parliament's ability to enact laws related to wealth distribution.
Algorithms help people see and correct their biases, study shows
Algorithms reflect and perpetuate biases in society, from racial and gender biases to wealth inequality. They expose bias blind spots and externalize biases, providing a corrective lens for individuals to improve decision-making and correct biases.
View: Prioritise data-driven analysis, not polemics, to guide discussions on income and wealth inequality
The article explores income and wealth inequality, taxation on the rich, and India's tax/GDP ratio. It questions if India's tax rate is low and analyzes wealth concentration trends and market efficiency, emphasizing the need for a comprehensive understanding of the data and perspectives.
View: In today’s tech-driven landscape, we need new economic thinking on equity and sustainability
In a hyper-connected world, income inequality, debt burdens, and social disparities persist. Urgent innovative strategies are essential to address widening gaps and shift the focus to stakeholder value for human development, Sam Pitroda writes.
Congress chief Kharge rips into PM Modi for "taking words out of context, create communal divide" in open letter
Congress President Mallikarjun Kharge has penned a letter to Prime Minister Narendra Modi, inviting him to discuss the party's 'Nyay Patra' in person, amid the ongoing controversy sparked by the PM's remarks on the Congress manifesto. Kharge alleges that the PM is being misled by his advisors, as the manifesto does not include plans for wealth redistribution or the confiscation of private property. The letter comes in response to Modi's recent speeches targeting the Congress, where he accused the party of advocating for the rights of certain communities at the expense of others.
Sam Pitroda inheritance tax debate: What is inheritance tax in India
What is inheritance tax: When someone passes away, it's important to understand that there are two types of taxes that may apply - estate and inheritance taxes. Estate taxes are calculated based on the total value of the deceased person's possessions as of the date of death, whereas inheritance taxes are charged on the individuals who receive the property.
Wealth distribution: Five critical things to know
In a country where the majority is not rich, redistribution is a potent tool for political rhetoric and action. In a country that's not rich, it is a destructive tool for action because the only thing that gets redistributed is poverty.
Wealth Redistribution Row: 50% of your wealth should go to public? Sam Pitroda clarifies stance on inheritance tax
Indian Overseas Congress Chairman, Sam Pitroda, elaborated on the party's stance on wealth redistribution. Speaking to ANI, he described it as an intriguing policy that benefits not only the super-rich but also the general populace.
Wealth redistribution: The economics behind Rahul Gandhi's 'Robin Hood' idea
The controversy over Rahul Gandhi's wealth redistribution promise, accused by PM Modi of benefiting Muslims, highlights ongoing economic inequality debates. Rahul's proposal includes a caste census and minimum income guarantee, while economists like Bibek Debroy provide insights on the issue.
Congress wants to bring justice to every section irrespective of religion: Chidambaram
Congress leader P Chidambaram emphasised that his party's manifesto has recognised that there is social and economic inequality and it aims at bringing justice to every section of society "irrespective of the religion".
When inequality shouldn’t be a concern
Milton Friedman and Friedrich Hayek argued that redistributive policies can stifle innovation and productivity. If individuals feel their efforts will be heavily taxed or redistributed, they may not be motivated enough to invest in new ventures or improve productivity, leading to an economic slowdown.
Congress' Rahul Gandhi vows a survey to redistribute the wealth of Indians
Rahul Gandhi vows wealth redistribution if Congress wins, proposing a census to assess population and backward caste status, followed by wealth survey. Economic inequality, rising since the 1990s in India, prompts global concern. Progressive tax systems and cash transfer programs aim at redistribution, akin to models in Finland, Sweden, and the USA.
View: Market fix for inequality
The real danger with the equality messiahs is their favoured policy prescription, namely tax. Applying Western narratives on taxing the rich more on their incomes and wealth is counterproductive in India.
India's richest 1% has highest concentration of wealth in decades, study shows
India's wealth inequality is at a six-decade high with the top 1% owning 40.1% of wealth. Foreign investments led to a surge in billionaires post-1992. PM Modi's tenure saw a widening rich-poor gap amid rapid economic growth.
"Modi's Billionaire Raj more unequal than British Raj": Congress slams Centre over income inequality report
Jairam Ramesh said the share of national income earned by India's top 1 per cent is now at its highest historical levels and is among the highest globally. The rise of top-end inequality has been particularly pronounced between 2014 and 2023, which corresponds to the "dus saal anyay kaal' and the Modi government's policies have directly caused this perverse growth through three methods -- enrich the rich, impoverish the poor and hide the data, he said.
K-shaped? Kabhi nahin
A word that means stacked inequity on one side and stacked privilege on the other was coined by Peter Atwater, a lecturer at Virginia-based William and Mary University but the word has now garnered a negative meaning. The term remains a myth in the Indian context. The economy should persist as the fastest-growing economy on paper and data.
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