by Rahul Chimanbhai Mehta Rrg at November 23, 2014 at 01:56PM

NaMo orders Finance Minister to ruin Inheritance Tax concept by proposing a useless draftless Inhertitance tax proposal, where there will be no tax on trusts and foreign corporates !!! IOW, proposal is just a way by which MNC-owners can rob Indian elitemen and give no good in India. . Jayant Sinha is new finance minister appointed by NaMo , and is also son of former Finance Minister Yashwant Sinha 1998-2004 , the man who famously supported Mauritius route. Yashwant Sinha always projected himself as Swadeshi, and was biggest supporter FDI !! He promoted FDI in insurance sector and now YS also supports FDI in railways etc. IOW, YS was/is a fake Swadeshi who projected himself as socialist , swadeshi and always catered MNC-owners. Jayant Sinha has inherited his Ministerial birth, without paying any inheritance tax on it. Lets see how JS is projecting his pro-MNC anti-India as socialist proposals !! . Please google on "Jayant Sinha inheritance tax" . . NaMo and Jayant Sinha now say they support around 35% inheritance tax on wealth above say Rs 25 crores. On surface this looks as socialist proposal. But lets see how it benefits videshi and super rich. Lets look at the loop holes NaMo and Jayant Sinha proposes. . 1. NaMo and Jayant Sinha oppose wealth tax, but only propose inheritance tax. So FOREIGNERS WHO HAVE WEALTH IN INDIA VIA CORPORATES WILL PAY ZERO TAX !! Why? Because inheritance tax doesnt apply on corporates. So no wealth tax on foreigners who have wealth in India, via corporates and no inheritance on them either !! . 2. NaMo and Jayant Sinha propose that charitable trusts etc will not be taxed !! And they cant be, as trusts dont die. IOW, the wealthy individuals who are slimebags and hoard wealth in trusts will face near zero effective inheritance tax. But honest and forthright men who keep wealth in their personal names will end up paying 35% taxes on his wealth at the time of death. . 3. In my wealth tax and inheritance tax proposal, the KEY part was removal was GST, vat, sales tax, excise etc. NaMo and Jayant Sinha support regressive taxes like GST including "buying trader will suffer if vendor defaults" clause aka "missing trader clause". IOW, when they proposal inheritance tax , the do NOT tag it with removal of GST etc. . 4. Jayant Sinha and NaMo both refuse to give DRAFT of the inheritance law they proposing. IOW, everything is open to their discretion. Jayant Sinha is about 50 years old, called himself highly learned man, had time to contest election on inherited constituency without paying any inheritance tax, had time to become Minister, but never found few hours to draft inheritance tax law dear to him. As per NaMo, we have "200 sayd arent enough" for all drafts. . All in all, the inheritance tax proposed by NaMo and Jayant Sinha is only to benefit super-rich and foreign-rich over Indian moderate rich. And using GST with missing trader clause, they will rob small traders and small factory owners. . Plus, NaMo and Jayant Sinha insist on continuation to tax exemptions to SEZ, mauritius companies, singapore companies , fiji companies etc etc. . The solution I propose is . (a) tax all wealths including trusts, indian companies, foreign companies and individuals and . (b) 2% to 3% wealth tax on ALL wealth minus income tax paid - 15% of salaries paid , And no inheritance tax. With 2% to 3% wealth tax , the person is paying tax on his wealth across his life, and so there is no need for separate inheritance tax. Further, the heier too will have to pay tax on wealth every year. And so tax is paid by him as well. . And pls oppose inheritance tax proposal by Jayant Sinha and NaMo which openly and wrongly favors those who hoard wealth in trusts and foreigners who have wealth in India via MNC. . Here, please note that Sonia and AK also oppose wealth tax on trusts, companies, SEZs, foreign companies etc and insisting on GST, VAT etc. IOW, as far as tax laws goes, Sonia, AK, and NaMo are one the same.

by Rahul Chimanbhai Mehta Rrg



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