The Congress party, ahead of the 2024 Lok Sabha elections, appears to be considering the reintroduction of inheritance tax in India. Sam Pitroda, Chairman of Indian Overseas Congress, advocated for wealth redistribution through inheritance tax reform during a speech. He contrasted the absence of inheritance tax in India with its implementation in the US
Even as the Congress leaders continue to defend the party's manifesto for the 2024 Lok Sabha elections, the party now seems to be advocating to reinvoke inheritance tax in India. One indication of that came from the chairman of the Indian Overseas Congress, Sam Pitroda who addressed the issue of inheritance tax, advocating for reform to redistribute wealth.
He highlighted the inheritance tax system in America, where a portion of wealth is transferred to the government upon death, emphasizing the fairness of leaving a portion of wealth for the public good. In contrast, Pitroda pointed out the absence of such a tax system in India, where wealth is inherited in full by descendants.
"...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," Pitroda said.
"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," he added.
He emphasized the need for debate and discussion on policies that benefit the public rather than just the super-rich. However, Pitroda's thoughts met with criticism on social media, nit just from the BJP but also from users. Take a look:
Congress has decided to destroy India. Now, Sam Pitroda advocates 50% inheritance tax for wealth redistribution. This means 50% of whatever we build, with all our hard work and enterprise, will be taken away. 50%, besides all the tax we pay, which too will go up, if the Congress… https://t.co/4ojS3ZtSRL
— Amit Malviya (मोदी का परिवार) (@amitmalviya)There is no federal inheritance tax in the US, there is estate tax which kicks in at $13.6mn (level of wealth only a few Indians have).Sam Pitroda has ensured INC opponents will position this👇 as GOI taking away 50% of 25 lac lifetime savings of a Class B employee frm his kids.. https://t.co/v2cvjCDxoH
— Somnath Mukherjee (@somnath1978)Something’s don’t change in Congress. Those who influence and articulate policy not only have no political (unelected rootless wonders) constitutional standing but now, a step further, do not even live in India. Think RG’s Kitchen Cabinet, Sonia’s NAC and now NRI https://t.co/QXZNf43WxF
— GhoseSpot (@SandipGhose)Mani Kankar Iyer x 10=Sam Pitroda 😂🤣
Lagta hain yeh Congress ke coffin mein aakhri keel thokega😂
Congress is now obsessed with looting your money legally even when you die,this seems to be the conclusion of their brainstorming meetings!
They seem to be having some wierd… https://t.co/Hf9dZq8n39
Since yesterday :
1. Priyanka Gandhi confirmed Rahul Gandhi's wealth redistribution plan.
2. Congress leader Rashid Alvi endorses Manmohan Singh's speech and says indeed Muslims have the first right to India's resources.
3. Sam Pitroda, Overseas Congress leader and Rahul…