To tax India’s super-rich or not? Thomas Piketty versus Indian govt economists

[@RDesai_indiancapitalist]

Whenever inequality will be talked , poverty A real problem of low production,would be ignored

[@billubadshah897]

Eg Look at China

[@Apache1970]

Manufacturing worker wage growth increased by only 0.8 % in this year. The average IT worker wage increased by 4% in the same period despite IT salary being 2 twice as much as a Manufacturing worker.

[@rajx7120]

​@@billubadshah897China is capitalist.

[@rajx7120]

@Apache1970 Because our manufacturing is not competitive. Cheap Chinese imports are affecting demand. Export demand is down due to global factors. And factories pay high cost of electricity to subsidize freebie for households.

[@Apache1970]

@@rajx7120 I work in factory as an Engineer. Honestly I am also trying to switch to IT to increase my salary. I am currently 34.

[@Editsdevil]

I have a done a comprehensive research on problems of indian economy and my conclusion was:- What we should do is to liberalise the whole economy and integrate it with the rest of the world . maximum problems will be solved

[@RDesai_indiancapitalist]

Yes only real solution

[@navinraut5920]

Wow genius 😂

[@anujsethi7845]

What do you mean by liberalise please explain?

[@Apache1970]

That will benefit but strong incentives like tax cuts and subsidies should be given to boost production here rather than turning India into a dumping growth of made in China or Vietnam products.

[@Editsdevil]

@@Apache1970 we are trying that for the last 5 years The manufacturing sector has shown no growth And giving subsidy and tax cuts will only solve the manufacturing problem if it worked in the long term Whereas liberalising the economy will help us to solve the income inequality issue, inflation, lack of spending on r&d And this can help us to make foundation of the problem to solve the middle income trap in the long run

[@truemonk1]

So what do we do after we put more taxes on super rich? The government will distribute more "Revari" to the masses. Rich and Super rich will flee India. As long as the governments and people don't snap out of freebie culture, there is no way we are breaking out of this. In the next 10-15 years, productivity gains through automation and AI will put further stress on jobs. While we pride ourselves on being a young nation with better birth rates, this will prove to be an issue for us. The new population entering the workforce will not find jobs at the lower level, they will be given more "revaris" and compound the viscious cycle.

[@anujsethi7845]

That's why the current government is incapable of thinking this. People sitting in parliament hardly have any vision.

[@darshandhawan5923]

​​@@anujsethi7845I think it's fault of public.

[@anujsethi7845]

@@darshandhawan5923 wow when government runs away from the responsibility they try to blame the people. If the government can't own up so they should resign immediately and let others do the job.

[@darshandhawan5923]

@anujsethi7845 indian public is choosing only that party which is giving freebies That's why bjp is also giving freebies to stat in power.

[@anujsethi7845]

@@darshandhawan5923 lol wow so why sanghis blame the congress party for their socialist policy before 1991? They should have blamed the public as per your logic. When the government failed to fulfill the promises so they start these short term relief and blaming the public shows how much they are incapable of handling these issues that means they want power with zero accountability. BJP failed to fullfill the promises that's why people were looking for these short term reliefs if government would have serious about the problems they wouldn't look for this option and that's shows how leadership in our country is so b grade that can't provide solutions and start blaming people.

[@navinraut5920]

Nobody is self made. Everyone of us are dependent on the public facilities developed with the tax of ordinary Indians (roads, internet networks, security, military, law & order etc etc). The private is dependent on the Public. All billionaires are made with the sweat and blood of ordinary Indians. If you want a prosperous India the wealth must be redistributed and nobody should have much wealth to influence politics and government policies. We chose governments, and not corporate billionaires to decide policies for us.

[@Openmind-on4kx]

Power inequality is the biggest problem. Few beurocracrats so powerful and keeping crores of people hopeless by making their life difficult. Babus power shall be reduced

[@rajx7120]

Unless, we implement farm laws and labour laws, to help private sector expand in these areas, we should not complain about job creation. People vote for free money sitting at home. When they are not interested in earning money, then how will they get jobs. Cost of free electricity is borne by industry, which are left with less money to hire people. So, it creates a vicious cycle. Freebies -> hurt industry -> less jobs -> people ask more freebies. If you tax the corporates even more -> then again less jobs -> and people ask more freebies. Until the golden goose dies and we all are left with nothing.

[@soumyajitsahoo8032]

Absolutely brilliant conversation. Shows how nuanced we are as a nation and how economics surveys/studies need to be more contextualized before they are of any use to real world policy making.

[@holdmybeer123]

Abolish the income tax. It is not only evil, but also most difficult and inefficient to collect. And it turns the incentives upside down.

[@CT001]

Inequality/ Gini index, etc. is totally useless without context. For example, Iraq, Syria and Albania have much better Gini co-efficients (i.e. they are more equal) than Sweden, Norway and Finland. Does that mean they are better off than the Scandinavian countries? India is a large developing country coming out of decades of poverty, so at this stage of its development it is natural to have a higher inequality/ gini coefficient.

[@anujsethi7845]

How did you come to the conclusion that it's natural to have higher inequality? Or just you throwing random shit We are producing less jobs and growth is just limited to few people unless we don't realise this we will not be better off.

[@saurabhmahajan4459]

Or perhaps it is disastrous given the massive population we have.

[@Theackermans121]

Where do the top 1% rich in india invest their money ??? They invest in areas where they earn at the efforts of others . Why don't they invest on tech or quality exports?? Samsung , Apple and Lamborghini all started small . Why don't our rich do the same ??? They control 40% of nation wealth . They simply are selfish who have no vision for country.

[@rajx7120]

​​@@anujsethi7845Inequality doesn't mean, one group is looting another. Inequality means, one group is earning more than another. Solution is to make other group earn more. Not to label the first group as evil and steal from them. Farm reforms and labour reforms are the only way to create jobs and improve incomes of people at bottom of the pyramid.

[@socioecon]

@@anujsethi7845 its the kuznets curve bullshit. that's how he/she came to that conclusion.

[@friendeleven5711]

Rich will just escape.

[@sakshambhadoria9998]

Progressive taxation is key to ensure fairness and stability of government's revenue. Salaried class and businesses are taxed differently because of their different modes of earning. Businesses use accounting tricks and legal loopholes to avoid taxes. But those on salaries don't have that luxury. Many countries like the US have that problem and issue. Middle class is a milking cow for the administration.

[@rajx7120]

The biggest tax evasion happening is of - showing business income as agricultural income. We should plug that loop hole, by taxing high agricultural income.

[@Apache1970]

@@rajx7120 Politicians are the biggest holders of agricultural land and MLA/MP salary is mostly composed of allowances, which are excluded from income tax act.

[@kaushikka]

Piketty is a known proponent of increasing corporate taxes and Universal Basic Income(eg monthly salaries to women and other downtrodden societies). The fact that Economic Advisors to the Modi govt are sharing the stage with him should send shock waves to the corporates in India. A change in direction coming in the next Union budget?

[@CT001]

The vast majority of billionaires in India are self made, i.e. 1st generation entrepreneurs. Since the GDP growth rates in India have been quite high for the last two decades and the economy is growing fast, it provides opportunity for many new entrants and hence higher social mobility. When growth rates are low, like for Europe, whose economies are stagnant since 2008 or contracting in some cases, social mobility is harder, and its tougher for new entrants to become billionaires. So debating inequality there makes more sense.

[@navinraut5920]

Nobody is self made. Everyone of us are dependent on the public facilities developed with the tax of ordinary Indians (roads, internet networks, security, military, law & order etc etc). The private is dependent on the Public.

[@anujsethi7845]

Indian billionaires are self made 😂😂😂 We all know how billionaires and politicians have nexus in India and promoting corrupt practices. Without politicians indian billionaire are nothing

[@Theackermans121]

1.5 billion people and only 1% billionares . See the income inequality.

[@debiprasadbanerjee6460]

Ms Ravi must have a PhD in telling lies when she is rattling out improvement numbers for bottom 20%. Uff!

[@rahulthakare7759]

Some freebies could actually help India. They can be a backdoor entrance for Milton Friedman's negative income tax.

[@GamesDevil-im2ut]

As we middle class guy i am paying 40 % Tax to the government as we all are paying,,, why don't ambani, adani is escaping from taxes😂😂😂😂😂,, but tata sir contributed a lot to our nation

[@IshithaDaksha]

Kulam meeda pannulu(a telugu term) means in English the tax on week cast comunity

[@surojeetchatterjee]

What these puppets r talking about. 😂 why they couldn't discuss these from 2004 ? 😂

[@Zambia974]

everyone would pay!! 🦁 no problem

[@hemikovsky]

Ordinary products are being sold as premium 😢

[@Zambia974]

equal service too

[@billubadshah897]

Stop Your Nonsenae inrquality Got a Negative Topic