Taxing the rich and other fantasies

There is noise (all puns intended) in the air about the fairness of the Indian personal tax system. And considerable appeals to morality and “sacrifice” and the Indian way about the need to tax the rich in India at a higher rate. Except for a surcharge of 3 per cent on the top tax bracket, the tax rates in India have stayed constant at 10, 20 and 30 percent for increasing income slabs — constant since P. Chidambaram’s tax reform of 1997.

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