2% wealth tax on super rich likely to fetch nearly Rs 1.1 trillion

Many economists doubt the feasibility and desirability of wealth tax in the current economic environment

A wealth tax on the super rich or billionaires is gaining traction globally with several uber-wealthy individuals in the US and western Europe themselves advocating a higher tax on them.

At present, taxes are largely levied on income, proceeds from asset sales, and economic transactions, such as production and sales of goods & services. But there is no tax if the super rich choose to accumulate their wealth, rather than sell it. This, some critics argue, has resulted in a big source of wealth and income, escaping the tax net.

A small annual wealth tax on the country’s ultra-rich promoters and businessmen