India has major flaws in economic strategies, often leading to huge taxes on the middle class while big businessmen remain unharmed. But why are the richest people in the country never at the top of the taxpayer's list?
This year, Shah Rukh Khan was the highest taxpayer in the country, despite Ambani and Adani being at the top of the country's elite. This is majorly because of the different ways they earn their income.
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Big superstars mostly earn through their projects and endorsements which are taxable as personal income. Meanwhile, most of Ambani's wealth comes from his business where he takes less salary for himself and earns through high dividends on shares.
Businessmen also have other ways to bypass tax slabs like showing their profits and ESOPs to get loans from banks which are not taxed at all. Therefore, there are many loopholes in the system for the rich while corporate employees pay high taxes on their salaries.
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Maybe, the middle class won't be that against paying a cut of their income if they see their money utilized properly. The government is heavily reliant on these taxes but only offers freebies in return instead of improving infrastructure and institutions.
There needs to be drastic reforms in the economic system and it will only happen when people agitate. People should hold leaders accountable for not completing their promises.