Saturday, January 26, 2013

Flat tax rate for everybody is what I expect

Flat tax rate for everybody is what I expect

No Discrimination based on how much you earn!

I expect a flat tax rate for all the citizens earning more than X Lacs say 5 lacs. No tax for people earning less than 5 Lacs per year.

People should be appropriately taxed on how they spend their earnings...

say 50% TAX on cars worth more than 10L

say 50% TAX on LUXURY Holidays!

say 50% TAX on dining out in 5 Star, 40% in 4 Star....
say 50% TAX on watching movies in multiplex
say 10% TAX on Watching movies in cinema
say 50% TAX on buying BISLERI
say 50% TAX on housing RENT more than 40K per month

The point is - you have a flat rate of income tax and then tax on expenditure based on the spending capacity of the individual! Indirectly taxing rich! But not everybody :) and not ALWAYS!

This is feasible only when all transactions are made through debit/credit cards. Do not wait to tax till the end of the year.

Tax when the transaction is made... Make Aadhar / PAN Card compulsory to do any transaction!

This system has too many loopholes and the country has too many who want to save tax and do not fear being caught!

What are your thoughts! Do you think the tax slabs are good enough for the country? Do you think the rich should be taxed higher ?

1 comment:

Harsha said...

My bet:
if we can increase our current taxpayer's network (guess we have an abysmally low tax payer percentage), then you are looking at a totally different crystal ball!