Argentina is Abolishing Income Tax. Here's Why | Vantage with Palki Sharma
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- Опубликовано: 9 сен 2024
- Argentina is Abolishing Income Tax. Here's Why | Vantage with Palki Sharma
Argentina's senate has passed a bill that seeks to abolish income tax for most formal sector workers in the country.
The policy was pushed by Argentina's finance minister who is also a candidate in next month's presidential elections.
Can governments ban income tax? What is the income tax landscape in India? Palki Sharma tells you.
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Argentina | Income Tax | Abolishing | Formal Sector Workers | Firstpost | World News | Vantage | Palki Sharma
#argentina #incometax #abolishing #formalsectorworkers #firstpost #vantageonfirstpost #palkisharma #worldnews
Vantage is a ground-breaking news, opinions, and current affairs show from Firstpost. Catering to a global audience, Vantage covers the biggest news stories from a 360-degree perspective, giving viewers a chance to assess the impact of world events through a uniquely Indian lens.
The show is anchored by Palki Sharma, Managing Editor, Firstpost.
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Are baba it’s simple common sense that overall quality of life will always be better in developed countries than that of in developing countries. And there are always pull factors in developed regions and push factors in developing or underdeveloped regions be it immigration from developing to developed countries or migration from under developed states to developed states within a country. So that’s not a point of debate when everyone is agreed. Here some social media heroes it seems to be after the propaganda of portraying The so called high tax as only reason to leave India. I am completely against and protest against such propaganda. As far as high indirect tax is concerned, I would request foreign lovers to compare the overall taxation versus GDP in developed countries versus India before adopting some strong attitude based on factual incorrectness or misplaced idea. As far as tax on luxury is concerned, it is always taxed heavily in all the countries. In developed countries, most of the people pay tax even if it is higher then India’s tax slab .whereas in India, only 2% of people pay tax. We also have to investigate where these people going after leaving India. Most of them are going to high tax economies then tax is certainly not the reason. But it seems antinational elements R deliberately linking tax regime with incidents of high immigration out of India so that Indian state can be weaken. Let’s not get trapped into such conspiracies and pay tax honestly. I would like you to make video against the anti-tax mindset and anti-national propaganda to link migration with taxation.
@@shaktimaan1064This is not propoganda, this is truth. May be you don't understand but others are.
@@shaktimaan1064⁸⁸
Don't agree with you. 13 crores people were removed from poverty. Govt cannot keep printing notes and remove tax. Taxes will gradually reduce in India once poor and neo middle class get empowered and earn sufficiently.
Do u dare to ask indian govt when they will abolish tax ?? Or atleast reduce the income tax ?
In India, the salaried class is the only one paying income tax. They pay 30% when income is high and another 20% in indirect taxes. This highly demoralises people who want to work hard and earn more
When it's 30pcent, lots of cess also comes up, so the tax is almost 33to34pcent
@megharaj4989 what is more disappointing is that our Rich/elite class avoid paying tax through loop wholes. Pandora box Papers released.Names : Amithabh Bachhan, Sachin Tendulkar.
@@meerosman9696 when rich are robbed in the name of tax, it has to happen. If a new business will pay 33 pcent as IT and then gst above that,how will it expand. When u work for 12 months and pay 5 months as tax people will be pushed to do such things. It is one big reason why rich leave India as they do not getting anything in return even after paying that much tax.
after tax money you get hit by GST when you spend. TDS/Capital gains tax when you invest.@@josheversmann1376
@@meerosman9696 is not just about evading tax, it's about what you get back as well. If your money is going to be used to give 1000rs/month to someone for votes but you are gonna get bad roads, improper security in return, who would wanna pay tax?
What a brilliant piece and a way forward for India not following Argentine's; "No Income Tax" Policy but following advice at the end by Mrs. Palki Sharma based on the facts and figures of India and it's Taxes story.
I think in india a reward system should come to play .
Like those who pay income tax could get house loan car loan at low interest. Taxes on vehicles etc could be reduced for tax payers. It could incentivise tax payers and also encourage others to get into the fold
Interesting idea. Should be tried
yes, privileges in railway booking and some preference in govt undertaking should be encouraging. Yes, I know article 14 will come into the picture now.
Agree
I don't want any fking loans.
First make our law makers pay their taxes !!
Fabulous. Finally common sense in Argentina.
I liked the last line, "India has a huge wealth gap and taxes alone cannot solve this", it cannot get truer than this for sure!
Taxes only increase gap because rich Indians have capability to shift their companies outside India and migrate.
You better deal with the concentration of wealth because without a fair and equitable resource allocation system, the tax system isn't the way to correct it, including abolishing taxes. The wealth is still unfairly in the hands of few.
There are different tax types. Income tax usually affect middle class while corporate tax affects ric and companies while indirect taxes like product taxes affects poor people. So yeah taxes are the most important thing to decrease wealth gap. Look scandanivians for example have really high cprporate tax low indirect taxes
@@exosproudmamabear558 Corporate taxes in reality are never paid by corporations themselves but they are passed on to the consumers of the products and services they serve. If a government increases corporate tax rates then this increase becomes part of the cost of doing business and it translates to higher prices. Corporate taxes are a fallacy by design. IMO business taxes should be abolished and only physical persons be taxed based on their income. If a corporation makes a profit then that profit get's smaller after paying corporate taxes. Tthen the rest get's distributed to all shareholders (including employee shareholders). Then all these people pay income taxes AGAIN on something that was already taxed at the corporate level!!! This increases the cost of doing business and companies seek to move the business elsewhere!
@@AB-jz9ns These are on theory true but when you look America which have less corporate tax although the products are cheap wealth gap is really high while in Norway corporate tax is high products are expensive but wealth gap is a non issue that much so even minimum wage can afford most of the things.
Companies get out of paying corporate tax because of screwed audit systems and lobbying. If you keep your corruption low and establish proper audit systems then there wont be a problem like how Scandanivian countries does. But this is for developed economies.
Increasing too much corporate tax as you say will cause a problem in undeveloped or still developing countries but abolishing it is simply an idiotic take since auditing personal accounts are more difficult than auditing company acounts therefore they can keep away money more.
Good explanation for Argentina. As for India: 1,6% of the population paying a 40% tax rate is very different from 50% of the population paying a 40% tax rate. The problem is not the tax rate nor the income distribution. The problem is low incomes if any, and that depends on the incentives to create businesses and invest.
The problem is corporations and consumerism.
@@stevenhenry5267 in India ? Consumerism ? Really ? With 20% of the worlds population and 30% of the worlds poorest ? But then, I suspect you say the same thing about Switzerland and North Korea.
Abolishing income tax in India would finish the problem of black money. With the black money coming in circulation GST collection will increase. In case there is still shortfall in total tax collection GST rates can be increased marginally. This will also remove double taxation of income tax payers as they pay tax on income as well as spending (GST). The IT dept then can be use for ensuring better GST compliance.
If GST would be the only tax applicable to India. It would have coped up with more then average income tax payers. Since we pay gst in everything.
Hahaha
Abolishing income tax is quite possible. Non-cascading transsction tax proposal from IdealNation can support do it comprehensively with an integrated alternative
Are baba it’s simple common sense that overall quality of life will always be better in developed countries than that of in developing countries. And there are always pull factors in developed regions and push factors in developing or underdeveloped regions be it immigration from developing to developed countries or migration from under developed states to developed states within a country. So that’s not a point of debate when everyone is agreed. Here some social media heroes it seems to be after the propaganda of portraying The so called high tax as only reason to leave India. I am completely against and protest against such propaganda. As far as high indirect tax is concerned, I would request foreign lovers to compare the overall taxation versus GDP in developed countries versus India before adopting some strong attitude based on factual incorrectness or misplaced idea. As far as tax on luxury is concerned, it is always taxed heavily in all the countries. In developed countries, most of the people pay tax even if it is higher then India’s tax slab .whereas in India, only 2% of people pay tax. We also have to investigate where these people going after leaving India. Most of them are going to high tax economies then tax is certainly not the reason. But it seems antinational elements R deliberately linking tax regime with incidents of high immigration out of India so that Indian state can be weaken. Let’s not get trapped into such conspiracies and pay tax honestly.
@@user-ft9ic8vg4k You pay GST on everything because you consume everything.
What I like about this news channel is that I am learning about India relative to the rest of the world.. for the first time .. and it’s important because India looks like becoming a true world leader. Hopefully a positive trend.🌹
Taxable money will go to politicians pockets in india 😂😂😂😂😂😂
One of the best taxes is a consumer\sales tax or VAT because it’s voluntary in essence. You buy, you pay or you don’t. Basic Food purchases are usually exempt from a sales tax except the caviar. Items like cigarettes, liquor, and weed (where legal) can be taxed at a high rate. Road and Bridge tolls also fit in nicely with this kind of regime. Universal health care could be available and costs financed by a public insurance scheme with premiums paid by families and individuals. I wish Argentina good luck and hope it goes well for them.
the Nordic countries have very high income tax, and also they have extremely low corruption, so paying 50%+ in income tax is not a problem but in India paying income tax means filling the pockets of the politicians.
True. ❤
And freebies for elections
bro ,Argentina is in south America it has very high inflation rate and also they are trying to increase the money holding ratio with the public so that they can increase demand , lemme tell you ARGENTINA has 76% inflation whereases INDIA has only6% inflation
How do you know they dont have corruption ?
Dont just assume anything. Argentina is in trouble with its economy and India is growing way too strong in comparison of Nordic countries. The infrastructure is growing at record pace, that cannot be possible with corruption. You have such insecurity that you dont want to see the numbers just want to lick the boots of Goras
"Income Tax: Shattering the Myths" by Dave Champion is the best book to show how income tax laws DO NOT apply to who we are brainwashed into thinking they apply to. Every nation with an Income Tax needs a "Dave Champion" to put taxes into the dustbin of history.
Ridiculous
@@stevenhenry5267 What is ridiculous?
India should also Abolish Tax on Income but keep Tax on Expenditure.
Just stop Free fund, and tax exemption to salaried employees, everything will come to normal.
Abolishing income tax is quite possible. Non-cascading transsction tax proposal from IdealNation can support do it comprehensively
Are baba it’s simple common sense that overall quality of life will always be better in developed countries than that of in developing countries. And there are always pull factors in developed regions and push factors in developing or underdeveloped regions be it immigration from developing to developed countries or migration from under developed states to developed states within a country. So that’s not a point of debate when everyone is agreed. Here some social media heroes it seems to be after the propaganda of portraying The so called high tax as only reason to leave India. I am completely against and protest against such propaganda. As far as high indirect tax is concerned, I would request foreign lovers to compare the overall taxation versus GDP in developed countries versus India before adopting some strong attitude based on factual incorrectness or misplaced idea. As far as tax on luxury is concerned, it is always taxed heavily in all the countries. In developed countries, most of the people pay tax even if it is higher then India’s tax slab .whereas in India, only 2% of people pay tax. We also have to investigate where these people going after leaving India. Most of them are going to high tax economies then tax is certainly not the reason. But it seems antinational elements R deliberately linking tax regime with incidents of high immigration out of India so that Indian state can be weaken. Let’s not get trapped into such conspiracies and pay tax honestly.
Of course HNI’s are leaving India! Serves is right- we take away 50% of what they earn! Bloody BJP
@@shaktimaan1064 Our taxes are going waste for all the freebies
I liked what he did in Argentina. In future, everyone knows about him what he has done. His creativeness is clearly admired me. He took long road not short one.
Well in India a large audience is using agriculture income as a source to escape taxes
Businessmen have agricultural land . They show their business income as agricultural income.
Someone has the guts to hardworking make people happy
In Argentina, inflation itself is a form of tax. They have high inflation (more than 100%, compared to 6-8% in india, 2% in US), meaning the money you earn today will have it's worth halved after just a year. So they try to exchange it to USD. But there is a limit of 200 USD per person and they have to get it from black market. Here the exchange rate is not favourable and ultimately goverment gets money one way or the other.
Who told you US inflation figures are at 2% .
It peaked at more than 8 % last year and now it's around 4.5% . Please update your inflation figures
@@jayantchoudhary8703 yes. what i meant is long term avg inflation. The 8% inflation in US happened after covid and the previous 2-3 years can be considered as outliers, but their target is 2% inflation and long term average should be close to 2%. But in case of argentina, long term average inflation is high.
In the whole world Inflation is the real tax.
2% in US LOL Where did you get that number? Try 10% since the stolen Election of 2020
allowing people to keep what they have earned is always the right thing. Just cut gov size and spending
We have a federal income tax as you said but I’d like to add how we got one. A law to create an income tax was circulated in the early 1900’s. The people reacted very strongly against that. They changed the law to say, “Only the rich will pay the income tax”. The general populace wasn’t rich so they accepted the new law. Immediately once the law was passed the government kept lowering the figures of what is considered “rich”. Now everyone pays it, at least it’s deducted from your paycheck. If you’re poor you will get all that money back at the end of the fiscal year plus $5000.00 “Earned income tax credit”.
The irony is if this government only did what its founding fathers gave it the power to do there would be no need for an income tax.
Then you have a state income tax. When I built houses in CA in the late 80’s there was also a county and a city income tax. In states like WA there is no income tax but they have a sales tax, their neighbor OR is the other way around. This leads to Washingtonians who work in OR to buy tons of cigarettes and try to sneak them across the border.
In any case my point was they’ll tax you in some way. They might not even call it a tax but it’s a tax.
Great to know. Every country should abolish income tax and let only service tax has to be levied on the products used by the people
Thanks for clarifying. In fact, this elimination of taxes might not amount to much anyway, because according to the video, only 1% of payroll workers will pay taxes - which means that the real 1% (read, investors) will not be affected. As you correctly pointed out, we have layers of taxes here in the US, so things are not always what they seem, as Todd Rundgren would say. Take FL, for example. I have retired friends who moved down there from MD because of no income taxes, only to find that sales taxes were significant, property taxes were significant and worst of all, homeowners insurance was astronomical - and now, large numbers of people can't even get homeowners insurance.
Taxes never go away.
Fun story!
😆😆
I love the ending cause it's an absolute fact. Tax will always be imposed one way or another.
From where are you getting $5000 figure form earned income credit? it’s a complete BS.
Good! More power to the people.
Reduce or abolish income tax. Services are already taxed. Salary barely increases. People will get money in hand to use.
Yup that's what I'm saying and people are calling me anti national 😂😂😂😂🤣😂🤣😂
Very frank &naked truth said openly I am regular taxpayer &highly educated citizen of India says couple of questions openly frankly like u ma'am kindly consider these questions asking too-:1)where does every nation's toll pay mere just day collection is more than 1lakh &20crores estimated (roughly)the hard-earned people money go 2)why there is SO CALLED TAX BURDEN (LAGAAN)FOR MIDDLE TO HIGHER MIDDLE CLASS BCOS NONE OF ANY POLITICALS HAVE BEING PAYING OR CONTRIBUTING TO OUR GDP^AS U SAID THE BILLIONAIRES ARE ALREADY MIGRATING TO ZERO TAX COUNTRIES&TAKING THEIR WEALTH WITH THEM IS THERE ANY LAW TO THIS INJUSTICE FOR staying &working our button out tolling for nothing seems worth staying in INDIA then -ma'am
We could do the same in India, as a majority don’t pay taxes. GST should be able to cover the difference
All tax should be 15%, and 20% on luxury or sin goods. No cess. No surcharge.
200% tax on apple products.
@@control4050bhai ab toh india mai bnra hai ab kyu lagaye uspr 200% tax?
Logic kuch smajh nai aya guru
WHEN WILL INDIA DO? GST IS ENOUGH FOR POLITICIANS TO ENJOI
No gst estimate collection is 16-18 lakh crore. Whereas direct tax collection is 16.5 lakh crore.
Which means gst has to be doubled to make up the difference.
Actually all the free culture & subsidy culture should be stopped that is what causing the loss of funds. It is political corruption of buying votes using tax payer money & this should be stopped. Then only we can have no incometax.
I paid almost 50% tax last year . I’m a general category guy but don’t get any support from Central or state government. It’s hard to get nothing in return of such amount . Though I don’t want to but situations are pushing me to think to move abroad
I also want to migrate abroad India is not for general category people government is exploiting general category people it's time to leave India.
@@Yogendra55Yadavbhai aap to Yadav ho aap to OBC ho, apko to 9th fail Tejashvi Yadav ji reservation badhane wale hai, please India se mat jana ok, kyunki ab to Tesla motors aur Apple iPhone company Bihar aane wali hai.
You are right bro. India, me general category ki koi value nahi hai jabki sabse jyada taxes ham dete hai. Politician caste aur religion politics karke janta ko chutiya banate hai
@@KRN000
Bhai kyaa fayda mein obc creamy layer mein aata hoon mujhe koi fayda nahi milta reservation mein isliye Hindustan chodne kaa man hain.
thank you for finally having an honest opinion about the taxation disaster in our country, it's a shame that the middle class has to take the heavy weight of taxes but not the wealthy the disparity alone makes one question if even the middle class should move to other nations, let alone the treatment the middle class receive be it at govt. offices, police stations, banks etc. we need better infrastructure especially in the rural areas where a govt. employee has to drive 10-15 kms from his village to his job on a broken down road everyday but pays more than 30-50K in taxes every year
Middle class is screwed everywhere you go. Problem with middle class is that they wannabe multimillionaires and have lost empathy for poor.
No, I'm paying 90,000 tax
Job is stressful
No respect...
Government and public feeling that we're overpaid
Feeling like moving off from this country so I took a passport....recently (.which I never thought of even in my dreams...)
@@kundrapuharitha5187i pay 15 lacs in Taxes and have the same thinking as u. Dont delay fly away . I have already received PR from a G7 country
Ur stoobidity and the ability to interwine disparate topics is spectacular
@@kundrapuharitha5187 Mo matter wherever you go, you will have to pay taxes or. Would end up paying to mob or warlords or some other catch.
Will be fascinating to see how this works out for them.
And if there is any relevant lessons from this for the rest of us.
If printing money is the way this is planned to work, then this is a bad joke.
It will work about as well as it has from ghengis khan to modern day Venezuela. Disastrous, the US is heading down a slippery slope to a version of this
My guess is this will work out for them the Zimbabwe way. Massive spending not enough income, they need those money. If they don't get them through taxes, they will need to print them. This will create more inflation. And no politician will ever reintroduce income tax. That would be suicide for them. So most probable outcome is higher inflation every year. Slow at first and then quick hyperinflation the end. And dead economy.
India also has high indirect tax as well. So 98.4% people only pay indirect taxs wherea 1.6% people pay both direct as well as indirect taxes.
So what, they are truly enjoying the fruits of welfare state in absolute way. They are capable so they have higher responsibilities to think about deprived class also. So they are paying tax. In most of other countries particularly developed countries that tax levy is way more higher than in India. But people here or deliberately making noise and nonsense propaganda.
Are baba it’s simple common sense that overall quality of life will always be better in developed countries than that of in developing countries. And there are always pull factors in developed regions and push factors in developing or underdeveloped regions be it immigration from developing to developed countries or migration from under developed states to developed states within a country. So that’s not a point of debate when everyone is agreed. Here some social media heroes it seems to be after the propaganda of portraying The so called high tax as only reason to leave India. I am completely against and protest against such propaganda. As far as high indirect tax is concerned, I would request foreign lovers to compare the overall taxation versus GDP in developed countries versus India before adopting some strong attitude based on factual incorrectness or misplaced idea. As far as tax on luxury is concerned, it is always taxed heavily in all the countries. In developed countries, most of the people pay tax even if it is higher then India’s tax slab .whereas in India, only 2% of people pay tax. We also have to investigate where these people going after leaving India. Most of them are going to high tax economies then tax is certainly not the reason. But it seems antinational elements R deliberately linking tax regime with incidents of high immigration out of India so that Indian state can be weaken. Let’s not get trapped into such conspiracies and pay tax honestly.
We need that in USA. Good job Argentina!
The rich don't pay taxes anywhere. Gotta learn the system to avoid taxes. The best is to abolish Income Tax. Since living in a society we pay tax on everything from groceries to toll roads to taxes on transportation to just about everything else. So paying income tax along with all these means that citizens are being double taxed anyway and the government is making money out of lack of financial understanding of regular citizens. Hence my vote is to abolish Income Tax.
There's nothing to learn, if you are in the Top 1% you can afford the best Chartered Accountants & invest in shell companies, potentially buy out politicians & pass laws in your favour. Top 1% are always in the grey area however other than that you need to do something illegal & if caught every fucking agency would come after you.
Then your country will be bankrupt
Are baba it’s simple common sense that overall quality of life will always be better in developed countries than that of in developing countries. And there are always pull factors in developed regions and push factors in developing or underdeveloped regions be it immigration from developing to developed countries or migration from under developed states to developed states within a country. So that’s not a point of debate when everyone is agreed. Here some social media heroes it seems to be after the propaganda of portraying The so called high tax as only reason to leave India. I am completely against and protest against such propaganda. As far as high indirect tax is concerned, I would request foreign lovers to compare the overall taxation versus GDP in developed countries versus India before adopting some strong attitude based on factual incorrectness or misplaced idea. As far as tax on luxury is concerned, it is always taxed heavily in all the countries. In developed countries, most of the people pay tax even if it is higher then India’s tax slab .whereas in India, only 2% of people pay tax. We also have to investigate where these people going after leaving India. Most of them are going to high tax economies then tax is certainly not the reason. But it seems antinational elements R deliberately linking tax regime with incidents of high immigration out of India so that Indian state can be weaken. Let’s not get trapped into such conspiracies and pay tax honestly.
Easier said than done
@@shaktimaan1064 Teri
Why people have tolerated income taxes as long as we have is absurd, specially in a fiat system where they print money out of thin air.
Zero income tax for people earning below a certain amount is called a "Tax Treshold".
it’s simple common sense that overall quality of life will always be better in developed countries than that of in developing countries. And there are always pull factors in developed regions and push factors in developing or underdeveloped regions be it immigration from developing to developed countries or migration from under developed states to developed states within a country. So that’s not a point of debate when everyone is agreed. Here some social media heroes it seems to be after the propaganda of portraying The so called high tax as only reason to leave India. I am completely against and protest against such propaganda. As far as high indirect tax is concerned, I would request foreign lovers to compare the overall taxation versus GDP in developed countries versus India before adopting some strong attitude based on factual incorrectness or misplaced idea. As far as tax on luxury is concerned, it is always taxed heavily in all the countries. In developed countries, most of the people pay tax even if it is higher then India’s tax slab .whereas in India, only 2% of people pay tax. We also have to investigate where these people going after leaving India. Most of them are going to high tax economies then tax is certainly not the reason. But it seems antinational elements R deliberately linking tax regime with incidents of high immigration out of India so that Indian state can be weaken. Let’s not get trapped into such conspiracies and pay tax honestly.
Taxes should be LOWERED, but never abolished. Taxes are, as a matter of fact, absolutely NECESSARY -
Argentina ,no Tax !!! Chance of falling like SriLanka !!!! Not a wise decision.Rajapakshes decision of no Tax ,made the country Bankrupt.!!! Argentina likely to suffer.!!
yes
One of the reasons why the new farm laws, introduced by Modi government, were opposed so vehemently was that they tried to distinguish between agriculture middlemen/traders and actual farmers, because middlemen/ traders disguise themselves as farmers and evade taxes because income from trading is taxable unlike farmer's income.
In this way a huge number of households do not pay income tax because either they're actual farmers or are rich traders but pose as farmers.
Now what if that farmer has invested in the shops that sell his good and he take them there himself , well in that case he has piss the middle man off as it does not exist , Then I ask the question should he pay tax if he provide the jobs from his farm?
@@russellhorsefield9199 Selling at the shop, charge and deposit GST, if applicable.
Thats the exact fear indians should have regarding INDI party for 2024 elections.
why are you paranoid? this sounds like NDA will eliminate minorities.
Irrespective of party india need taxes.
Don’t create unnecessary problems in your mind.
What's the fear ?
@@Hello-ww1so Lowering of taxes ? BJP is the one that increased the taxes. They were quite low during UPA
@@ambientsounders And the country was called the fragile five with high debt and not even counted as a strong country then.
@@kumargourav6791 The UPA GDP growth rate was almost 2% higher than the BJP growth rate for the past 10 years despite BJP trying to fudge the numbers by changing the GDP base year. The Fragile 5 rating was just given by a random analyst at Morgan Stanley because the countries were dependent on foreign investment - which we still are.
The UK's highest rate is 45% plus National Insurance at 2%, so 47%.
In the Netherlands its almost 50% so even higher...
Yes people are leaving india...but what about the remittances india receive...i think india got 112.5 billion dollars in remittances
Remittances only last for a few years or decades but brain drain is Permanent.
Good topic . The Govt need to give a serious to the burning issue
I fell in love with your Introduction ❤️
In India just for getting higher taxes government allowing many liquor shops and giving them licence in Delhi haryana you can see mega Mart like liquor stores from schools windows and on entry gates of residential societies . Are responsible for increasing crime rate but government don't bother.
India’s tax rate is low because of three reasons 1) Cash Economy 2) Inequality of Income 3) Rich farmers do not pay taxes
Rich Zamindars pretending to be farmers. Those who have land value say above 5cr must pay taxes. But they are exempt
Also Tribals don't pay tax
wow, she finally became a real journalist, putting out facts even if critical of Indian issues, to help us acknowledge it, and wórk to improve it
The problem is middle class people are generally employed in services and they face the brunt of it. Its been around 75 years and we have not been able to taxt agri income because of poor quality of agricultural practices techniligy etc etc despite the fact that India became self sufficient in food garisn way back in 1970s thanks to Green revolution by MS Swaminathan. If we calculate the cumulative tax ut gaoes way beyond 30% and people living in Metro cities sufffer the brint of this in a worst possible way. Atleast European nations despite having higher tax rate are doing exceptionally well in public services this cannot be said about India.
Although I acknowledge the infrastructure development by current governemnt is remarakble and the social expenditure to uplift the poorest of the poor has been good for a while, middle class have suffered the worst during the enture period.
Here in Kenya 🇰🇪 the current government had promised us heaven, they got in last year and now taxes are through the roof. Politicians love those games… Argentina is playing a very dangerous game.
It's so sad that this used to be one of the richest countries in the world. The terrible policies governments have pursued over the decades have made it poor.
The USA never used to charge income tax (from 1787 to the Civil War). They did charge a poll tax to meet their needs but it was rare. The income tax is a scam. In the USA, it’s tied to the currency which is based on the Federal Reserve (money trust) loaning credit to the US government.
That's why I favor the States rights over a large federal government.
@@drbecktex I agree with you. In 1787 congress could run in all cases whatsoever in Washington, D.C. Today they rule over all of us like tyrants and usurpers
India definitely should do it,even Subramanian Swamy had strongly advocated for the same Few years back,but definitely pros and cons needs to be looked at before such a decision should be taken.
great one-liner about immortality, Palki you excel
If India abolishes income tax, then who will pay for minister kids' wedding celebrations? We cannot have our poor corrupt Babus and politicians face such hardship.
I m very impressed with your anchoring
This economic diversity is not helping the country. lower class has to come up quick. India has to match the infrastructure the of the developed world. If not, then for the people paying taxes, out of the country seems a better place to be.
it’s simple common sense that overall quality of life will always be better in developed countries than that of in developing countries. And there are always pull factors in developed regions and push factors in developing or underdeveloped regions be it immigration from developing to developed countries or migration from under developed states to developed states within a country. So that’s not a point of debate when everyone is agreed. Here some social media heroes it seems to be after the propaganda of portraying The so called high tax as only reason to leave India. I am completely against and protest against such propaganda. As far as high indirect tax is concerned, I would request foreign lovers to compare the overall taxation versus GDP in developed countries versus India before adopting some strong attitude based on factual incorrectness or misplaced idea. As far as tax on luxury is concerned, it is always taxed heavily in all the countries. In developed countries, most of the people pay tax even if it is higher then India’s tax slab .whereas in India, only 2% of people pay tax. We also have to investigate where these people going after leaving India. Most of them are going to high tax economies then tax is certainly not the reason. But it seems antinational elements R deliberately linking tax regime with incidents of high immigration out of India so that Indian state can be weaken. Let’s not get trapped into such conspiracies and pay tax honestly.
The problem in the 3rd world is that taxes do not normally translate into public services. Much of the money either gets wasted in stupid things or embezzled. Also, a huge part of the economy is "informal" and a large portion of the population pays no taxes even though they have income.
So, the concept of no income tax could make sense... if it is replaced by a tiered system of sales tax: No tax for basic food, medicine and shelter. Normal tax for most items and services... things that are normally used but not essential and people typically do without when they cannot afford them. A high tax for luxury items and services that are typically consumed by the top 10% of the population.
how does the government operate without any income coming in form of TAX in government ?
@jaysurati9266 This video was only direct taxes, there also are indirect taxes like GST.
WONDER-FULL!
Incrase the GST and reduce income tax… should suit India
No it doesnt work
Same in my mind.
Less IT , More GsT is best.
If you allow GST increase the states who have poor income will clamour for higher and higher GST. The topmost percentage of GST is already 28% and it can become worse. Its better not to give the government rope to keep squeezing the citizens. Already, they have made an exception with petrolium products which does not follow a standard GST taxation.
Good information. Well presented.
The worst nightmare for any country is to run out of fund
it’s simple common sense that overall quality of life will always be better in developed countries than that of in developing countries. And there are always pull factors in developed regions and push factors in developing or underdeveloped regions be it immigration from developing to developed countries or migration from under developed states to developed states within a country. So that’s not a point of debate when everyone is agreed. Here some social media heroes it seems to be after the propaganda of portraying The so called high tax as only reason to leave India. I am completely against and protest against such propaganda. As far as high indirect tax is concerned, I would request foreign lovers to compare the overall taxation versus GDP in developed countries versus India before adopting some strong attitude based on factual incorrectness or misplaced idea. As far as tax on luxury is concerned, it is always taxed heavily in all the countries. In developed countries, most of the people pay tax even if it is higher then India’s tax slab .whereas in India, only 2% of people pay tax. We also have to investigate where these people going after leaving India. Most of them are going to high tax economies then tax is certainly not the reason. But it seems antinational elements R deliberately linking tax regime with incidents of high immigration out of India so that Indian state can be weaken. Let’s not get trapped into such conspiracies and pay tax honestly.
Great job Argentina!! 👍😎💯
Could not agree more. 1.6 % paying for 98.4% in India .. its unfair... its hurtfull
1.6℅ it is now around 8℅
Doesn't seem much.
92% people are living off on the money which 8% pays.
@@phalgunibhuyan3881 No, the total percentage of people who even file ITR is 5%, and only 1-2% actually pay any income tax.. This is from the govt-
During the fiscal year 2022-23, 7.4 crore individuals filed income tax returns, of which 5.16 crore people (70%) had no tax liability. Consequently, only 2.24 crore individuals paid income tax, making up around 1.6% of India's entire population.
Wow 🤩 Finally and it won’t cost as much as it would if they simply raise interest.
The more money in the hands of the majority would mean money spent within its own economy and sales tax would allow people to choose according to their needs .
Surely other countries do provide good facilities compared to the income tax they charge.. but how many of these countries have to subsidise M*xlims clerics.. spend billions of dollars in name of 'minority welfare' basically appeasement.
We have people waiting to hold country at ransom at the drop of a hat.. every small move upsets some section of society.
Great idea. Good way to get people to spend more and stimulate the economy
Dr. Subramaniam Swamy has been advocating the abolishion of tax in India. Now is the time for Modi government yo listen to him. Also make him as an advisor to the Finance Ministry. Jai hind
Sir, he has gone off his rocker in his hatred of Modi. His time is long past.
It is very good idea for small countries.
make a video on how, why people of Delhi rejected the freebies.
If the IMF is against this then it's the right thing to do
Tax on working person is a strange thing. Why should one punish a person for working and earning a few bucks... GST/ VAT is justified but not Income Tax. Govt should do away with direct Income Tax.
You’re seeing some countries failing what happens to those countries. Here, our life and property is safe. We are able to work, get educated and leave the life peacefully. All because your nation state system is protecting you. If there is no tax, there will be no nation state system, no law and order, no defence, no legal system and no life of peace and prosperity. That is the reason of tax. It’s not a punishment but kind of a membership fees ofthe state
Finally a country that has a bit of common sense!! Poorer people have no way to lift themselves up except the relief given to them. Taxing them is crazy. Tax the rich.
I think you need to research what life is like in Argentina before making your assumption of common sense. They have hyper inflation and are quickly destroying any chance of a decent life for their population. The poor will stay poor due to their lack of financial literacy.
BJP should sign a bill where by anybody working in corporate should not pay any tax regardless of income. The working class have already paid enough and got nothing.
Out the 1.6% paying taxes , 1.5 would be in co-operates or government jobs since they can't hide their incomes. Rest of the people simply hide and income and enjoy the benefits
Thanks for the helpful information.
This is going to be interesting to follow.
amazng....
Wow. Wonderful
Fantastic Argentina ❤❤
One excellent idea among too much government wasteful spending. Still excellent.
C
Great .. india should also abolish all taxes to grow demand
Much needed in India!
Good luck, Argentina!
I support,Argentina is doing good... taxes do not increase xealth of any country...all goods ,house electricity are already taxed... double tax.. werent ancient rukers not into taxing common ppl
In India also the Indian govt should not take any Income tax from Indian citizens.
No INCOME taxes. I suspect there will be other, more regressive forms of tax.
Finally at least you raised this. Yes with high tax it is really difficult for us.
How about government Banks? We're tired of these private Banks, the charges are high. The government should set lower on handling clients charges too.
Yes, I have questions! Like, when are they are doing it in my country?
That's crazy, so crazy it might just work.
A medium range grocery retail shops, small food restaurants earns minimum 50k-60k pays zero tax. Only salaried people paying taxes.
An eye opener presentation by First Post. Good going.... keep it up....
Now it's really a time for Govt of India to think and reduce the Income Tax.
Wow so cooooool👍
Love from Pakistan for honest casting 💓
Very sad, painfully true, in Argentina the political organization are mafias, and all of them have the same goals... still as much money as possible, the next government will still what the prior couldn’t do to time issues. No one hold the other accountable.
It is a great country with natural resources, beautiful landscapes and all 4 seasons from north to south, sadly there is no one political leader that would have what it takes to get my country a chance to be a good place to live. I myself left Argentina in the year 2001 before the devastating storm of Menem presidency and all the political corruption he created was brought to light and expose the reality that the rest of the world was clearly seen.
Thank you for your information, it hurts to see what is happening in the country I once was happy growing up. As always you do a great journalistic inform.
I now live in a country where taxes maintain infrastructure, where you can see how much advance and growth tax bring to the country to its people, no isn’t perfect but it’s a day & night difference between taxes use to keep the country moving forward and taxes that only benefits the political system in power at the given time.
Go Argentina Go !!!!
This is better democracy and values.
Good move, income tax is only to control citizens,,, but production in all sectors must be multipled,,specialy in agriculture,
Good suggestion
Removing income tax makes sense. It is anti inflationary. It costs billions to collect in Argentina, so the nett gain is not so much, indeed negative for the lower 80%. It's a no brainer. I analysed the proposal of a minor party in New Zealand that recently proposed a 1% consumption tax, that would work in Argentina.
INDIA has to increase all types of TAXES to keep the CORPORATES & POLITICIANS extremely HAPPY
Good move..
I'm from Argentina and trust me, you don't want to take any of our economic policies as example of anything.
All the governments are screwing countries just for votes..
Common people are sailing in the same boat..
The highest rate of income tax in the UK is effectively 47% - or even higher over a transitional band when certain allowances are lost.