What can we do to reduce Economic Inequality?

[rakesh_singh_pilot]

We see that over past 30 years, things are getting worse. Hence this is not about one Government. There is something wrong with society, which includes me. Hence I ask you - why is this so?

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We should solve this issue

[priyak_90]

Very few places are encourahing an honest debate, thanks YoPortal for giving this platform to speak up.

Richest 21 individual Indians have more wealth than poorest 700,000,000 Indians

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judicial time is allocated for wealthy who are less than 5% of Indian population.

Such inequality is also fueled by corruption to a point 99% of elected representatives in India are corrupt in some form. From the day British left , the place of British was taken by this 5% of wealthy people of country to exploit 95% of citizens.

Any attempt to go against wealthy has faced serious consequences.

Rich people will say this - "You need to work 70 hrs a week so they can give 240 cr more to their kids". Dont get fooled. Have a life!

Solutions

1. Make a profit cap for firms no single firm should be allowed to make a profit more than 50% this will reduce the price and people will be able to purchase more things this demand will increase and economic development will happen.
   There should a company to employees ratio , i mean a company should have minimum number of employees according to its size, this will creat more and more jobs.
2. Transperancy should be increased, public should have more powers to question the policies of government or any big body in india without having a fear of being harassed.
3. The net tax collected from rich vs middle class in direct and indirect taxes (gst etc) is probably around 20%:80% in absolute numbers. Government should publish honest data how much they have collected from both categories. Rich (above 20 lakh per year) and poor. Make sure tax ollections changes to 60%:40%. This means cumulatively rich should pay 60% of net tax paid in this country and not 20%.

[johnthomas]

Very few places are encourahing an honest debate, thanks YoPortal for giving this platform to speak up.

Richest 21 individual Indians have more wealth than poorest 700,000,000 Indians

judicial time is allocated for wealthy who are less than 5% of Indian population.

Such inequality is also fueled by corruption to a point 99% of elected representatives in India are corrupt in some form. From the day British left , the place of British was taken by this 5% of wealthy people of country to exploit 95% of citizens.

Any attempt to go against wealthy has faced serious consequences.

Rich people will say this - "You need to work 70 hrs a week so they can give 240 cr more to their kids". Dont get fooled. Have a life!

Solutions

1. Make a profit cap for firms no single firm should be allowed to make a profit more than 50% this will reduce the price and people will be able to purchase more things this demand will increase and economic development will happen.
   There should a company to employees ratio , i mean a company should have minimum number of employees according to its size, this will creat more and more jobs.
2. Transperancy should be increased, public should have more powers to question the policies of government or any big body in india without having a fear of being harassed.
3. The net tax collected from rich vs middle class in direct and indirect taxes (gst etc) is probably around 20%:80% in absolute numbers. Government should publish honest data how much they have collected from both categories. Rich (above 20 lakh per year) and poor. Make sure tax ollections changes to 60%:40%. This means cumulatively rich should pay 60% of net tax paid in this country and not 20%.

Practically Speaking, no there is not. Rich have influence in the government and well frankly our lawmakers themselves are filthy fucking rich. How do you hope to see any legislation against rich people is beyond me. The system is broken and you have no other option than playing by the rules. If not you your children or your grandchildren can slide into middle class. That can never happen. In any capitalist society, the rich will remain rich (unless there's something on the scale of the French or Russian revolution), while every communist country would have rich leaders at the top and the poor at the bottom, with no middle class.

Some suggest, higher tax on ancestral property. Incremental increases on tax on the property as it is passed down by each generation. meritocracy is a farce with the very existence of hoarders who influence every system they touch.

But we should keep in mind, rich can easily find a middle man to transfer the property and then transfer it to the offspring. Better one would be make every transaction accounted for. Large amount of black money shit goes in the back end which is not accounted for. If every transaction is accounted then as long as we get a good Government in control, they can start cracking down.