- News>
- Economy
Explainer: Should Ultra Rich Pay Higher Tax? Check Why This Topic Is Gaining Momentum
Let`s delve deep into whether the rich pay super tax and the reason why it sparks debate.
Highlights
- Super tax is levied against people who earn high incomes.
- The topics of equity and fairness are central to the super tax discussion.
- Bill Gates has stated that he wants the ultra-rich to pay more taxes.
New Delhi: The question of whether wealthy individuals should pay higher taxes has received a lot of attention lately and it may be encountered by you too. This question always takes center stage because the cornerstone of basic justice is paying your fair amount of taxes.
Let's delve deep into the matter and the reason why it sparks debate among citizens. Before going forward, first understand how super tax or higher tax works. (Also Read: IT Dept, Banks To Open On Sunday, March 31: What About Stock Market? Check Here)
How Does Super Tax Work?
An extra tax known as the "super tax" is levied against people who earn high incomes or own substantial wealth. Ensuring that everyone, especially the wealthy, gives back fairly to society is the underlying principle. (Also Read: VI Launches eSIM For New Delhi Prepaid Users: Here's How To Activate, List Of Devices That Support It & More)
Why This Topic Is Gaining Momentum?
Now the question that may come to your mind is what are the reasons that this topic has become the talk of the town? The topics of equity and fairness are central to the super tax discussion.
Some contend that higher-income earners ought to make greater contributions to fund public services like infrastructure, healthcare, and education.
What Do Businessmen Think?
One year after expressing astonishment that the taxes on the wealthy had not been raised further during his Reddit "Ask Me Anything" forum, Microsoft co-founder Bill Gates has stated that he wants the ultra-rich to pay more taxes.
He backed his opinion by saying, it is an effort to address inequality. Gates suggested at the World Economic Forum in Davos that the richest nations provide poorer nations greater financial support.
According to Business Insider, apart from Bill Gates, in a letter to world leaders at the World Economic Forum, over 250 millionaires and billionaires said that they would be "proud to pay more" tax on their wealth.
The association stated that the wealthiest people, corporations, or nations should be pressured to adopt more charitable practices.