Watch | Redistribution of wealth in curiosity of individuals, not tremendous wealthy: Sam Pitroda

hairman of Indian Abroad Congress Sam Pitroda has backed the get together’s stand on redistribution of wealth and advocated an inheritance tax legislation within the nation. Emphasing the necessity for coverage in the direction of wealth redistribution, Pitroda elaborated on the idea of inheritance tax prevailing in America.

“In America, there may be an inheritance tax. If one has 100 million USD value of wealth and when he dies he can solely switch in all probability 45 per cent to his youngsters, 55 per cent is grabbed by the federal government. That’s an attention-grabbing legislation. It says you in your era, made wealth and you’re leaving now, you have to go away your wealth for the general public, not all of it, half of it, which to me sounds honest,” Pitroda mentioned.

“In India, you don’t have that. If anyone is value 10 billion and he dies, his youngsters get 10 billion and the general public will get nothing…So these are the sorts of points individuals should debate and focus on. After we discuss redistributing wealth, we’re speaking about new insurance policies and new packages which are within the curiosity of the individuals and never within the curiosity of the super-rich solely,” he added.

Textual content&Video: ANI.