Congress pitches for 'billionaire tax'

NEW DELHI: Congress on Friday pitched for the introduction of "billionaire tax" in the country and asked what stand Prime Minister Narendra Modi would take on this issue at the G20 meeting this month as its president Brazil and many other countries are now pushing for a two per cent wealth tax on the super rich.

In the runup to the Union budget, it said that such a tax in India would help raise "Rs 1.5 lakh crore every year" that could be used for investing in more schools, hospitals and other key sectors. "All over the world, there is a growing consensus that billionaires must pay their fair share of taxes. As proposed by Brazil - which now holds the annual rotational G20 presidency - and endorsed by France, Spain, South Africa, and Germany, the world is moving towards a two per cent wealth tax on these billionaires," Congress spokesperson Jairam Ramesh said on Friday.

"India has 167 dollar billionaires. A two per cent wealth tax would raise Rs 1.5 lakh crore each year - almost 0.5% of our GDP. This could pay for schools, hospitals, renewable energy, and many more essential investments in the future of our country. What is the non-biological PM's position on a 'billionaire tax'? What will be India's position when it is discussed at the G20 meet in Rio de Janeiro later this month?" he said.