Rahul Mehta Gandhinagar LsCandidate
FAQs on WT = Wealth tax
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(Q1) Will wealth tax reduce Govt revenue? .
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Wealth tax decreases value of land and so in that case wealth tax collected from land will also decreaes
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So how will wealth tax enable Govt to get sufficient funds to run govt departments such as courts, police, military, STEM education, law/weapon education and so on?
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(Q2) Consider a person who is running a a business, sat data entry shop. He has 1000 sqft office which costs Rs 1 crore and earns Rs 10 lakh. On his income tax, he pays say rs 2 lakh tax,. So wont WT increase his tax birden by another Rs 1 lakh? And this reduce his capacity to expand?
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(Q3) Consider a person who is running a a business, sat data entry shop. He has 1000 sqft office which costs Rs 1 crore and normally earns Rs 10 lakh. But in a given year, he lost and so income tax paid was zero. So wont Rs 1 lak wealth tax increase his losses and thus increase possibility that he now will have to shut down his business
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(Q4) Consider a sincere person who has office space of 1000 sqft, whose market value is Rs 50 lakhs. He has divided the office into say 5 classrooms plus
small office for admin work. And he teaches 20 kids in one room for 3 hours a day, So he teaches say some 500 POOR students in that office space. Assume he is 100% real and sincere. Now wont Rs 50000 a year wealth tax finish his free tuition class?
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(Q5) Consider a builder. he bought land and it will take him say 2 years to make flats and earn money back. So wont 1% a year tax drastically reduce his ability to construct flats? Because during these 2 years, he cannot rent or sell that land
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(Q6) Is there any minus point do you see if wealth tax on shares is removed?
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(Q7) A person has earned Rs 100 crore honestly. And he has paid say RS 30 crore tax. Now he buys land worth Rs 70 crore. So each year , he has to now pay Rs 70 lakh tax. So isnt wealth tax a DOUBLE tax on income and thus unethical?
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Pls add real life questions that you get against WT proposals.