June 9th 2024.
On Sunday, the Congress party questioned whether India's new finance minister will support the global initiative for a "billionaire tax". As the new government prepares for their swearing-in ceremony, the Congress party is curious to see where their priorities lie - with the common people or with the billionaires.
The Prime Minister-designate, Narendra Modi, will be taking oath for his third consecutive term. Along with him, his council members will also be sworn in. Congress leader Jairam Ramesh took a subtle dig at the BJP-led government, questioning if they have received too much black money to take such a progressive step.
Ramesh highlighted the upcoming G20 meeting in Brazil, where a proposal for a Global Minimum Tax on billionaires will be discussed. This proposal is supported by finance ministers from countries like Brazil, France, Spain, South Africa, and Germany. He further questioned if India's next finance minister will also support this effort or if they are too entangled in the web of black money to take any progressive steps.
According to Ramesh, billionaires all around the world find ways to evade paying their fair share of taxes through legal loopholes, offshore wealth, shell companies, and other schemes. To address this issue, a Global Minimum Tax proposal will be discussed at the upcoming G20 meeting under Brazil's presidency in November 2024. Ramesh pointed out that this tax would generate a significant amount of revenue - "21 lakh crores" globally each year - which could be used to fund crucial sectors like healthcare, education, housing, and climate change.
Ramesh also commended Brazil for taking over the G20 presidency without any fuss and utilizing it to advance important policies. On the other hand, he criticized Prime Minister Modi for turning the G20 presidency into a publicity stunt, plastering his face on hoardings, schools, and petrol pumps across India. He stated that India's turn to hold the G20 presidency was inevitable and pre-determined, and it should not be portrayed as a foreign policy achievement.
In conclusion, the Congress party raised important questions about the government's stance on the proposed billionaire tax and urged them to prioritize the needs of the common people over the interests of the wealthy.
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