Dr Bharat Butaney, former president of Indain Business and Professional Council Dubai: Simplification and rationalisation of the taxation structure and setting a clear roadmap of reform for the next four years, re-structuring corporate taxes, wealth tax
, revise income tax, realistic disinvestment targets, new bankruptcy law and law to curb black money -- all this reflects the solid attempt to re-architecture whole of India.
The Inland Revenue had been alert to the possibility that Labour might want to introduce a wealth tax
as early as 1963 when its first recorded notes on the topic discussed what administration and staffing might be needed to implement it (The National Archives: Public Record Office, Kew (hereafter TNA: PRO) IR40/18573).
Thus in the days when the wealth tax
was leviable, even the big absentee landlords were paying some amount of personal tax.
Specifically, states with areas that have air pollution levels that persistently exceed ambient air quality standards and have thus been classified as nonattainment areas by the Environmental Protection Agency might be able to make adjustments to their wealth tax
policies to achieve attainment status.
Repeated attempts by conservative members of Parliament to merely amend the wealth tax
have been opposed by Chirac.
The net wealth tax
contributed a maximum of just more than 0.
The wave of the future is with the wealth tax
replacing the income tax.
Thus an average wealth tax
of 1 per cent would yield $19 billion annually, or almost three-quarters of the yield from Freebairn's minimalist GST.
He gained enactment of a wealth tax
, revived the estate and gift taxes, and imposed a special tax on undistributed profits to stop the use of corporations as personal tax shelters.
Among other things, Dugger calls for publicly mandated free TV and radio time for all bona fide candidates; limiting political contributions to $100; a single-payer health-care plan; doubling the minimum wage with indexing for inflation; and restoring the progressive income tax with a surtax on corporate profits and steeply graduated wealth tax
on personal assets of $5 million or more.
At the same time, import tax exemptions will be eliminated, excise taxes on gasoline and diesel fuel will be increased and a wealth tax
on the livestock sector will be introduced.
At present there are only two forms in which the Government can tax landowners (landholders) directly and include the tax revenue in its budget: (i) land revenue, being a tax on land that generates income, and (ii) wealth tax
, being a tax on agricultural land as immovable property.