Rich must be prepared to be taxed more: Chidambaram
Quotes

Rich must be prepared to be taxed more: Chidambaram

Last Updated: Wednesday, September 28, 2011, 13:22
 
 Comment 10
 
Rich must be prepared to be taxed more: Chidambaram
New Delhi: Home Minister P Chidambaram, who as Finance Minister had slashed taxes, on Wednesday suggested that rich should be taxed more even though "many people" would not like the idea.
    
"We must raise the tax revenue to defend (the expected aggregate decline of resources). I know many people won't like this. But I think, I can summon the courage to make the statement," he said addressing a function of All India Management Association here.
    
Chidambaram as the Finance Minister between May 2004 and November 2008 had slashed taxes and was credited with presenting a 'dream budget' in the initial years of his tenure in the Finance Ministry.
     
"I am (was) the Finance Minister who slashed your tax rates. Therefore ... you must be prepared to pay higher tax rates, especially the rich must be prepared to pay higher tax," he said.
     
The Home Minister said in Europe rich people were getting together to say, "please tax us more".
     
His suggestion is also in line with the move by US President Barack Obama who has proposed to tax rich for taking the American economy out of the financial troubles.
     
"Certainly this is not the place, nor I am the person to say what tax should be raised. But we should seriously consider how to raise the tax revenue of the country," Chidambaram said, even as preparations for the next Budget (2012-13) have started.

PTI




First Published: Wednesday, September 28, 2011, 13:22


Comments


comments powered by Disqus
Forbes Best Places for Biz 2014
Forbes Best Places for Biz 2014
Hyundai Elite i20
Hyundai Elite i20
John Kery with Indian Biz Honchos
John Kery with Indian Biz Honchos
Honda Mobilio MPV
Honda Mobilio MPV
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved