Wednesday, 28 September 2011

The rich must be taxed more, says Chidambaram - Rediff.com Business

Home Minister P Chidambaram.
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Home Minister P Chidambaram, who as finance minister had slashed taxes, on Wednesday suggested that rich should be taxed more even though 'many people' would not like the idea.

"We must raise the tax revenue to defend (the expected aggregate decline of resources). I know many people won't like this. But I think, I can summon the courage to make the statement," he said while addressing a function of All India Management Association in New Delhi.

Chidambaram as the Union finance minister between May 2004 and November 2008 had slashed taxes and was credited with presenting a 'dream budget' in the initial years of his tenure in the finance ministry.

"I am (was) the finance minister who slashed your tax rates. Therefore ... you must be prepared to pay higher tax rates, especially the rich must be prepared to pay higher tax," he said.

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