Indian Finance Minister puts forth argument for heavier taxes on wealthy people

Indian Finance Minister puts forth argument for heavier taxes on wealthy people

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The Indian Finance Minister P Chidambaram has regurgitated views about developing a stable tax regime in the country. The minister said that people who earn considerably more money than the average income should be taxed more than those earning less than them at certain times.

Indian finance minister chidambaram

Chidambaram explained that when the country and the government require more money to be injected into the economy, those individuals who are ‘very rich’ should help out with paying extra in taxes. Although the politician believes in stable tax rates, he said that there is an argument to be made for policies to change.

The Finance Minister did not take complete responsibility for these views though. He said that what he was expressing was just an argument that he had heard elsewhere and that he was putting it out there for people to discuss. He also did not say that the rich should pay excess taxes on a full-time basis and were only required to do so when needed.

The upcoming Indian Budget that will be presented in February 2013, will be a responsible one, according to Chidambaram and he said that it will not be influenced by the elections, which are over a year away. The current Budget had been drawn up by the minister in 1997 himself and has been strong enough to see through four finance ministers and four governments as well.