On the controversy over the alleged inherent tax proposed by the Congress, Ms. Sitharaman stated: “If such wealth creators are going to be punished purely as a result of they’ve some cash stored behind, India’s progress within the final ten years would simply go for a zero.
| Photo Credit: VIJAY SONEJI
Union Finance Minister Nirmala Sitharaman on Friday, April 26, 2024, cast her vote at a polling sales space in Bengaluru’s BEs school .
Speaking after casting her vote the Finance Minister stated that the folks wished PM Modi to proceed in workplace. “I want more and more people to come out and vote…I think it is clear that people want a stable government, they want good policies, progress and development and that is why they are coming out. They want to see PM Modi continue his term.”
Ms. Sitharaman additionally criticised the Congress for advocating an inheritance tax like legislation, stating that it could nullify India’s progress over the past decade.”I remember earlier in 1968 there was a compulsory deposit scheme where people’s deposits were all 18 per cent, 20 per cent. Something was taken away. There was no justification given at that time… If such wealth creators are going to be punished purely because they have some money kept behind, India’s progress in the last ten years would just go for a zero. And we’ll probably be going back to that era when Congress imposed a 90 per cent tax. You’ll probably not believe that the current generation, wouldn’t even remember or know anything about it. There was India where under the Congress rule we paid 90% of all that was earned by us as tax. That’s the socialist model which the Congress party is comfortable with…”
Ms. Sitharaman additionally stated that the inheritance tax immediately impacts the center class and aspirational class. “It (the inheritance tax) directly hits the middle class. It directly hits the aspirational class. They work hard, sweat and toil of theirs are saved in small savings here and there, or they buy a house, a dream house, and keep some fixed deposits. All this is going to be exposed to the so-called property tax,” she instructed ANI.
The Union Finance Minister additionally accused the Congress social gathering of targeting Prime Minister Narendra Modi as they don’t have any constructive agendas to discuss. “Because they have no issue on their own in order to say ‘this is what we will do for the people of India, take India forward, bring opportunities for the youth, take India in a global leadership role’, they have none of these positive agendas to speak about. So they are constantly hitting at the Prime Minister, they are doing personal attacks, and even worse, they are bringing in things that they cannot implement” she stated.
An issue erupted after the Chairman of the Indian Overseas Congress, Sam Pitroda, whereas emphasising the necessity for coverage in the direction of wealth redistribution, spoke concerning the idea of inheritance tax prevailing in America and stated that these are points that may must be mentioned. However, the Congress social gathering has distanced itself from the remarks and stated that inheritance tax legal guidelines don’t mirror the place of the social gathering.