Is Congress advocating for Inheritance tax in India? Sam Pitroda drops big hint in this interview
Apr 24, 2024
Chicago (US) April 24 (ANI): Talking about Prime Minister Narendra Modi’s “wealth distribution” remark, Chairman of Indian Overseas Congress, Sam Pitroda on April 24 explained that when Congress talks about redistributing wealth, it means new policies and new programs that are in the interest of the people and not in the interest of super-rich only."...In America, there is an inheritance tax. If one has $100 million worth of wealth and when he dies he can only transfer probably 45% to his children, 55% is grabbed by the government. That's an interesting law. It says you in your generation, made wealth and you are leaving now, you must leave your wealth for the public, not all of it, half of it, which to me sounds fair. In India, you don't have that. If somebody is worth 10 billion and he dies, his children get 10 billion and the public gets nothing...So these are the kind of issues people will have to debate and discuss. I don't know what the conclusion would be at the end of the day but when we talk about redistributing wealth, we are talking about new policies and new programs that are in the interest of the people and not in the interest of super-rich only," said Sam Pitroda.
