.......What the "good" people don't seem to understand is that a tax on income has always been a device to attain political ends rather than a device to attain economic ones. If you study the history of income tax in detail, you will find that when it was not being imposed to finance wars, it was imposed in order to meet some political agenda................
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1 comment:
This article is thought provoking. Except generating black money and dishonesty even among honest and good people,the IT has not helped the economy in the economic sense.This has created only socio-economic problems benefiting the politics as rigthly indicated.If the BJP can remove the Income tax, the party can claim to have achieved a revolutionary change benefiting the economy, the society and politics a lot. The loss of revenue can be easily made up by saving administratiive cost,enhancing the savings, investment and production cycles with attendant benefits etc. Further, the Government can raise revenues through dividend tax above a cut off limit, enhance STT which is not inflationary and which is affecting only those who are in the capital markets which is emerging as a speculative den instead of as a capital formation avenue. Or else the Income tax can be in the range of 2% and 10% on all incmes without any exemptions what so ever.
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