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Bank Transaction Tax – Comments on;

Hilights


Money, Finance & Taxation,Public Arena

Summary:

Taxation is a necessity, it should however be fair and equitably applicable to all. Understanding the difference between increasing percentages and increasing amounts leads to inequity in Income Tax. Income Tax is a system of Double Taxation that really applies to only about ONE percent of the population excluding Government employees and is also net revenue negative. It should hence be done away with. Comprehensive Goods and Service Taxes based on consumption is the best way of equitable taxation. A differential tax slab system for essential and Public Distribution System goods will make it more equitable. Collection of Tax must be in a way as to show Trust in people while at the same time insisting on regular verification and applying strict penalties to defaulters. Universal and Equitable Coverage: Any equitable taxation system should be universal in its coverage and not too burdensome at any level of wealth of the population. Let us create an environment of Trust and encourage wealth generation. The I.T. regime which in the 1970’s had a marginal rate of up to 97.75 percent tax plus various cesses that at times would have even totaled over 100 percent, may have seemed reasonable to all the envious Socialists and Marxists, but look at the black economy it resulted in and also to the discouragement of wealth creation by those who could.

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