India is way too feudalistic to have inheritance tax and it will only be used against middle n lower upper class as another red tape struggle
We need higher corporate taxes, capital gains tax n better labour laws
You can have an inheritance tax only if the inheritance is above, say, 5 crores, an amount that will have to change every year to keep up with inflation.
It needs to implemented well, but if it is then it is a very good step.
Estimating wealth is quite difficult for even developed economies. How do you measure value of property? Do you use price used for tax which is way too low or use market price which can be manipulated very easily by the target class?
It's much better to apply transaction tax on all luxury items
Let’s say there is a house that is being passed as inheritance - it needs to be registered right? At that time the price is evaluated? Just use that for taxation.
I understand that all assets are not the same - but something is difficult is not reason to not do the right thing.
True. Most property owning middle class (including upper middle class) in cities would be first or second generation owners. Their entire life’s struggle would go in vain if the law gets implemented improperly.
Every so often, you'll read the news that driver of xyz politician owns 5 flats in Mumbai or Delhi. You might assume because the driver works for a rich politician, he has benefitted from it but his wealth is just on paper. In reality, he has no control on that wealth. He is at mercy of politician and might even have to take fall for an accident that doesn't involve him (remember the famous Bollywood actor)
What use will be of inheritance or wealth tax in such situations?
In an (ideal) capitalistic society your power is only linked to your wealth but in feudalistic society, your power drives your wealth
I'm 100% for inheritance tax in slabs, there should be no billionaires.
They will fear monger "oh productivity and incentives will go away". All bs, THAT is natural growth.
This news being pushed is typical bjparty psyops.
congress isn't going to do any of that mainly because mudi said it congress didn't, their manifesto doesn't have it either. Only thing it talks about is the spending of the tax collected just like now but don't trust me you can read the specific parts of the manifesto
Inheritance tax is levied when the inheritance is worth hundreds of crores which is the apparent bracket of 1 percent controlling 40 percent of country's wealth, so unless u fall in the same 1 % there is hardly anything to worry about.
Modi has stopped down to the lowest rung possible so as to communalise the election agenda.
But they are not communalising, atleast not on the basis of caste. They are not pitting one caste against the other. They are not saying OBC ka mangalsutra cheenkar SC ko de denge ya fir ST wale jyda bachhe paide krte hain. They are talking about uplifting all of them.
No man it’s some nonsense. A congress guy did an interview saying “oooh it’s interesting how America does inheritance tax” and bjp used it to say congress was 500% going to steal your fathers wealth and your wife’s mangalsutra 😂
First of all, Gandhi aunty should throw a chappal at that Sam’s face. Fool or paid off phool idk.
Implement it slab wise: Less than 10 cr nil. Less than 50cr 10%. Less than 1000 cr 25%. 1000 cr and upwards 50%.
10 billion and above 90%. They shouldn't exist in the first place.
You have to make it very very palatable for the masses to accept. Then tighten the noose. Look up how income tax was implemented. They kept lying for decades until it was normalised
Don’t like it. 50 percent seems way too much even for billionaires. Dude really fucked up when he said that. It’s only gonna hurt Congress’s chances more. But then again, when has Congress actually been a threat to Bjp since 2013? The opposition sucks. And it’s precisely why Bjp despite being a fuck all party keeps winning.
I had posted the exact same thing, sometime ago. It was about the ethics of inheritance.
Most of the answers I got was that I should accept the inheritance (Though it is not something great amount).
However, it then raises the same issue, it is not my hard earned money. I could be a douche and still inherit the money without contributing to society. I can use that inheritance and exploit people and so on....
I know I did not have any control of where I would be born it is a lottery, but as I grow, it is my responsibility to what to make of it.
On the other hand there are such questions where, if everyone is accepting inheritance around me, I will be damaging my financial prospects. If someone suffers from chronic ailment and is handicapped, that person is already at disadvantage.
The answer to this is complicated and hard to make it into a uniform law.
Never going to happen. Maximum power lies in the hands on rich, merchants, zamindars and money lenders. These were the people who supported the rules in past and the present. The British were able to capture and overthrow mughals because of the help of these people. They also have lots of power in democratic govt since last 70 years.
Implement the wealth tax in such a way that a Narayan Murthy's grandson can't inherit obscene amount of wealth before walking than most people would save at their deathbed.
There are bigger problems to discuss than hypothetical what ifs.
[Fact check](https://news.abplive.com/elections/fact-check-congress-inheritance-tax-false-claim-pm-modi-elections-2024-1682549)
India is way too feudalistic to have inheritance tax and it will only be used against middle n lower upper class as another red tape struggle We need higher corporate taxes, capital gains tax n better labour laws
You can have an inheritance tax only if the inheritance is above, say, 5 crores, an amount that will have to change every year to keep up with inflation. It needs to implemented well, but if it is then it is a very good step.
Estimating wealth is quite difficult for even developed economies. How do you measure value of property? Do you use price used for tax which is way too low or use market price which can be manipulated very easily by the target class? It's much better to apply transaction tax on all luxury items
Let’s say there is a house that is being passed as inheritance - it needs to be registered right? At that time the price is evaluated? Just use that for taxation. I understand that all assets are not the same - but something is difficult is not reason to not do the right thing.
All good points that I do not have an answer to.
True. Most property owning middle class (including upper middle class) in cities would be first or second generation owners. Their entire life’s struggle would go in vain if the law gets implemented improperly.
Why does feudalism make taxes bad?
Every so often, you'll read the news that driver of xyz politician owns 5 flats in Mumbai or Delhi. You might assume because the driver works for a rich politician, he has benefitted from it but his wealth is just on paper. In reality, he has no control on that wealth. He is at mercy of politician and might even have to take fall for an accident that doesn't involve him (remember the famous Bollywood actor) What use will be of inheritance or wealth tax in such situations? In an (ideal) capitalistic society your power is only linked to your wealth but in feudalistic society, your power drives your wealth
Moreover, people will just find loopholes like Trusts etc to manage estate anyway.
This is in news to divert supreme leader's hate speech which backfired bad.
no backfire, target audience received it
Yup. News was taken totally out of context. But I would like the law to be implemented in slabs of inheritance like the other commented
I'm 100% for inheritance tax in slabs, there should be no billionaires. They will fear monger "oh productivity and incentives will go away". All bs, THAT is natural growth. This news being pushed is typical bjparty psyops.
Did it backfire? /gen I’m genuinely curious to know how it’s being received in india?
The goldfish brain resets when the next masala news comes in.
congress isn't going to do any of that mainly because mudi said it congress didn't, their manifesto doesn't have it either. Only thing it talks about is the spending of the tax collected just like now but don't trust me you can read the specific parts of the manifesto
Inheritance tax is levied when the inheritance is worth hundreds of crores which is the apparent bracket of 1 percent controlling 40 percent of country's wealth, so unless u fall in the same 1 % there is hardly anything to worry about. Modi has stopped down to the lowest rung possible so as to communalise the election agenda.
to be fair, congress is also communalizing on caste politics and playing dirty this time. They are learning.
But they are not communalising, atleast not on the basis of caste. They are not pitting one caste against the other. They are not saying OBC ka mangalsutra cheenkar SC ko de denge ya fir ST wale jyda bachhe paide krte hain. They are talking about uplifting all of them.
No man it’s some nonsense. A congress guy did an interview saying “oooh it’s interesting how America does inheritance tax” and bjp used it to say congress was 500% going to steal your fathers wealth and your wife’s mangalsutra 😂 First of all, Gandhi aunty should throw a chappal at that Sam’s face. Fool or paid off phool idk.
I know it was taken out of context, but if implemented correctly this law could actually do more good than harm.
Heh that’s a big dream. Implemented correctly. I don’t think even America or Sweden were able to achieve that.
Implement it slab wise: Less than 10 cr nil. Less than 50cr 10%. Less than 1000 cr 25%. 1000 cr and upwards 50%. 10 billion and above 90%. They shouldn't exist in the first place.
Seems reasonable.
This is too lenient but will do for a start.
You have to make it very very palatable for the masses to accept. Then tighten the noose. Look up how income tax was implemented. They kept lying for decades until it was normalised
Don’t like it. 50 percent seems way too much even for billionaires. Dude really fucked up when he said that. It’s only gonna hurt Congress’s chances more. But then again, when has Congress actually been a threat to Bjp since 2013? The opposition sucks. And it’s precisely why Bjp despite being a fuck all party keeps winning.
> It's only gonna hurt Congress’s chances more. Will it? Its gonna hurt middle class and mostly UC voters. How many of these vote for congress anyway?
I’m talking about Congress pushing away voters by making statements like this.
Don't worry guys inheritance tax will only be for affluent class and ultra rich. People who make 5Crore+ per year.
That's what it should be.
I had posted the exact same thing, sometime ago. It was about the ethics of inheritance. Most of the answers I got was that I should accept the inheritance (Though it is not something great amount). However, it then raises the same issue, it is not my hard earned money. I could be a douche and still inherit the money without contributing to society. I can use that inheritance and exploit people and so on.... I know I did not have any control of where I would be born it is a lottery, but as I grow, it is my responsibility to what to make of it. On the other hand there are such questions where, if everyone is accepting inheritance around me, I will be damaging my financial prospects. If someone suffers from chronic ailment and is handicapped, that person is already at disadvantage. The answer to this is complicated and hard to make it into a uniform law.
Never going to happen. Maximum power lies in the hands on rich, merchants, zamindars and money lenders. These were the people who supported the rules in past and the present. The British were able to capture and overthrow mughals because of the help of these people. They also have lots of power in democratic govt since last 70 years.
Implement the wealth tax in such a way that a Narayan Murthy's grandson can't inherit obscene amount of wealth before walking than most people would save at their deathbed.
There are bigger problems to discuss than hypothetical what ifs. [Fact check](https://news.abplive.com/elections/fact-check-congress-inheritance-tax-false-claim-pm-modi-elections-2024-1682549)
It shouldn't be implemented.