Monday, 16 January 2017

Richest 1% own 58% of total wealth

Calculate this:
Which of the following will give higher financial outcome: One rupee tax on a population of 1 billion or 1% tax on those who earn 1 billion?  Well, the clever Indian political mind knows it is easier, much safer and easy wealth to do the former than the latter.  Doing the former is not only safe and easy, it actually doubles the benefit.  It pays both ways: government gets more money and earns the goodwill (read that as financial backing) of the corporate big heads who roll in billions.

Furthermore, which citizen will complain when you are charging him or her one rupee as tax?  But when this tax is applicable to every and any transaction, all time round the year, at every purchase or sale one makes, then imagine the amount that generates?  And mind you, even the one who earns billions also pays the same one rupee tax!

The latest Oxfam report on the world's richest and their assets says it all:
Richest 1% own 58% of total wealth.  57 billionaires of India own as much wealth as the poorest 70% of the whole of India! 
And that's only the wealth and assets declared by them, not the actual amount they really possess. Read on...

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