Rangarajan opines to increase taxes on “super-rich”
The chairman of the Prime Minister’s Economic Advisory Council C. Rangarajan has suggested that increasing taxes on the “super-rich” could be one of the ways to improve the tax-to-GDP ratio.
He opined two ways to improve tax-to GDP ratio:
- To introduce an additional slab at a higher marginal tax rate.
- To keep the tax structure as it is and impose a surcharge on the income above a certain level.
He suggested that the “super-rich” should be determined on the basis of income and said that for those in the lower income level the current tax structure is good.