Unlike in the West, conditions in the country are not suitable for soak-the-rich policies to succeed
Abhijit Banerjee, winner of the 2019 Economics Nobel along with Esther Duflo and Michael Kremer, has been talking up the idea of high and rising marginal tax rates for the rich. He has also criticized the Narendra Modi government’s recent corporate rate cut and said the money would have been better spent on the poor, which would have helped revive demand. He argues that there is no evidence that high tax rates deter investment or growth.
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