How About Abolishing ?
Article link:
Extract from the article: The Indian government is contemplating reducing personal income tax for individuals earning up to 1.5 million rupees annually as part of the upcoming Union Budget 2025. This potential tax cut aims to benefit the middle class and stimulate consumption in the sluggish economy. The final decision on this tax reduction proposal is expected closer to the budget announcement scheduled in February.
My Take:
"In my blog post from five years ago, I proposed a significant overhaul of the personal income tax structure, including reducing the highest slab rate to 25% from the existing 30%. This aligns with the current discussion on lowering taxes for specific income brackets, potentially empowering the middle class and encouraging spending."
"Abolishing personal income tax, as discussed in a prior blog, could lead to a surge in household savings and productive investments. The idea of enhancing savings rates by eliminating income tax resonates with the current government's consideration of tax cuts to boost economic activities and increase consumer spending."
"As advocated in one of my recent blogs, the total elimination of personal income tax could provide individuals with substantial disposable income, potentially driving up consumption levels. This increase in consumption, as highlighted in the current tax cut proposal, could fuel economic growth and job creation."
Call to Action:
To the Indian Government:
Consider the long-term economic benefits of reducing personal income tax rates for the targeted income group and ensure that the proposed tax cuts effectively stimulate consumption and contribute to overall economic recovery.
With regards,
www.My-Teacher.in? /? 29? dec? 2024