Subramanian Swamy pitches for abolition of income tax

BJP MP Subramanian Swamy today pitched for abolition of Income Tax to ease the burden on the middle class and promote higher economic growth in the country.

He said it is essentially the middle class and young generation of startup entrepreneurs who suffer because of income tax, which amounts to "harassment" for them.

"So, who is paying (income tax) in India? A very small fraction. So, why should you impose this burden on this small fraction," Swamy asked.

Abolition of Income Tax would result in higher savings which in turn lead to increase in investment, he said.

"Therefore, abolishing it means, the rate of savings should go up. The rate of savings goes up, investment goes up and therefore growth goes up. Therefore, indirect taxes will give you more than you lose by abolishing it," Swamy told reporters.

He was speaking on the sidelines of a talk he delivered on ’Future of India in the Emerging World’ at the 8th IEIA (Indian Exhibition Industry Association) Open Seminarthe Annual Conclave of the Indian Exhibition Industry.

Full article is available following the link. Original source: Money Control

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