Congress asks PM Modi to spell out his position on wealth tax on billionaires

Congress asks PM Modi to spell out his position on wealth tax on billionaires

Congress leader Jairam Ramesh says in a post on X said that all over the world, there is a growing consensus that billionaires must pay their fair share of taxes

The Congress on July 12 asked Prime Minister Narendra Modi to spell out his position on imposing a 2% wealth tax on billionaires, ahead of the meeting of G-20 Finance Ministers in Brazil’s Rio de Janeiro later this month. The meeting is scheduled to discuss a proposal on this subject.

पूरी दुनिया में इस बात को लेकर सहमति बन रही है कि अरबपतियों को अपने करों का उचित हिस्सा अवश्य चुकाना चाहिए। जैसा कि ब्राज़ील द्वारा प्रस्तावित है — जिसके पास अभी G20 की वार्षिक और रोटैशनल अध्यक्षता है — और फ्रांस, स्पेन, दक्षिण अफ्रीका और जर्मनी ने इसका समर्थन किया है, दुनिया… pic.twitter.com/irHnBsk3Ig

— Jairam Ramesh (@Jairam_Ramesh) July 12, 2024

Congress general secretary (communication) Jairam Ramesh in a post on X said that all over the world, there is a growing consensus that billionaires must pay their fair share of taxes. As proposed by Brazil – which now holds the annual rotational G-20 Presidency – and endorsed by France, Spain, South Africa and Germany, the world is moving towards a 2% wealth tax on these billionaires.

Also read | To curb evasion, EU report calls for 2% global wealth tax on billionaires

“India has 167 dollar billionaires. A 2% wealth tax would raise 1.5 lakh crores each year – almost 0.5% of our GDP. This could pay for schools, hospitals, renewable energy, and many more essential investments in the future of our country,” Mr. Ramesh said.

He demanded to know what the Modi government’s position is on the issue. “What is the non-biological PM’s position on a “billionaire tax”? What will be India’s position when it will be discussed at the G-20 meet in Rio de Janeiro later this month?” he asked.

Can the uber-rich worldwide be taxed better? | Explained

Mr. Ramesh’s comments came following an open letter by former Presidents and Prime Ministers to current leaders of G-20, urging support for a global tax on billionaires.

Brazil’s G-20 Presidency put the proposal on the table as it seeks to build support for a declaration at the grouping’s Finance Ministers and Central Bank Governors meeting later this month.

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