A green wealth tax in Union Budget 2024: Data
The HinduThis article appeared in The Hindu’s print edition on the day of the Budget presentation, 23 July 2024 Today, the new government will present its maiden Budget, which needs to deliver on two critical issues confronting the common people — unemployment and inequality. Chart 2 plots the ratio of expenses incurred by the Indian elite and an average Indian across different commodities and compares these with the carbon embodied in those commodities. Chart 2 plots the ratio of expenses incurred by the Indian elite and an average Indian across different commodities Given that rising emissions are directly related to unprecedented levels of wealth inequality, if the government were to levy a wealth tax, it would be able to solve many problems at one go. With the projected rise in wealth of the Indian elite, the programme can be financed through a declining tax rate, which would go down to 1.3% by the end of 2032. Chart 4 | The chart shows the projected rise in wealth of the Indian elite Chart 4 | The chart shows a declining tax rate which would go down to 1.3% by the end of 2032 India needs to lead by example to show what countries can do to tackle climate change.
History of this topic
Budget 2023: How govt can support India's clean energy vision
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Union Budget 2023-24: Why setting store by GST, fuel tax regressive
Firstpost
Budget 2023: Why govt should consider tax relief despite limited fiscal room
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India’s richest 1 per cent own more than 40 per cent of total wealth: Oxfam
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Most Indians want tax on the rich, top firms
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