Calls for wealth tax on ultra-rich rise: Who qualifies as super-rich in India, by the way?
Impose a wealth tax on the super-rich! The call for a wealth tax on the super-rich arises frequently from citizens around the world, but, unfortunately, it has not yet been addressed by the authorities concerned. This demand resurfaces time and again, only to fade into the background. Over the past two decades, the issue of taxing the ultra-rich has been widely debated and highlighted by the media as well.
Next month, the finance ministers of the G20 countries are expected to discuss the possibility of imposing a wealth tax on super-rich in their respective countries. Meanwhile, a survey has revealed that 68% of the global population believes the super-rich should be taxed more by their governments.
In India, this percentage is even higher, with approximately 74% supporting the idea of higher taxes on the wealthy. The survey, which included over 22,000 participants in the world’s largest economies, was conducted by the Earth4All initiative and Global Commons Alliance. Earth4All is an international initiative to accelerate the changes in systems needed for an equitable future on this planet, while Global Commons Alliance is an alliance of over 100 partners accelerating systems change to safeguard the global commons.
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The survey participants globally believe that inequality and hunger are rising at the global level, necessitating immediate measures. They said that the world is facing a climate crisis and that, to deal with such issues, it is necessary to impose more taxes on the super-rich.
In India, the super-rich or ultra-rich are generally defined as individuals or households possessing exceptionally high net worth or
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