India’s main opposition party, the Congress, has demanded that Prime Minister Narendra Modi impose a 2% tax on billionaires to fund public services. This demand comes at a time of increasing income inequality in India, despite strong economic growth.
Congress argues that this tax could generate 1.5 trillion rupees ($18 billion) annually, enough to fund schools, hospitals, and renewable energy projects. However, government officials have previously ruled out wealth taxes, fearing they would encourage wealthy individuals to leave India.
The Congress party also wants India to support Brazil’s proposal for a global tax on billionaires at the upcoming G20 meeting. This proposal aims to raise $250 billion annually by taxing fortunes exceeding $1 billion. The Congress party’s demands highlight the growing debate about wealth inequality in India and the role of taxation in funding public services.