Higher taxes on the rich

At least a few plutocrats must have choked on their morning tea last week, when C. Rangarajan, one of the most influential policy minds in New Delhi, told The Economic Times that tax rates should be increased on those with “substantially higher income”. On Monday, one of the issues that came up in a meeting between the finance minister and select economists was whether the tax burden on the richest should be increased, either through a higher marginal tax rate or the reintroduction of an inheritance tax.

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