My suggestion is to take a few steps like increasing investments in export products so that sufficient revenue is generated, increase wages, follow progressive tax
system, discourage the import of unnecessary and luxury items such as luxury vehicles, stabilise the general price level by imposing a fair amount of tax according to our income groups and make investments in the productive sectors.
I believe the progressive tax
is a better system, but I will be voting no on the "Fair Tax" question.
However, while civil society organizations alarm that the effects of the progressive tax
rate on income equality are small as it concerns only 0.6 percent of the overall income of the wealthiest population, Tevdovski is satisfied.
In this regard, 11 taxable slabs at progressive tax
rates from 5 percent to 35 percent were introduced in federal budget 2019-20 for salaried people with income of more than Rs0.6 million per annum.
In terms of reaching the 'A' credit rating status, he explained it will be achievable in two to three years if the government continues its progressive tax
The new tax will force banks to pay a progressive tax
of 0.1-0.5 percent of financial assets if money market rates exceed 2 percent.
"We laud the Congress and the national government under the leadership of President Duterte for this very progressive tax
measure," it added.
Khairy said he also wished for a more progressive tax
in the Budget that would tax the rich more, so wealth can be redistributed to the bottom 40 per cent (B40) and middle 40 per cent (M40) groups.
'I stand with calls for a truly progressive tax
system, one that is based on an individual's capacity to pay.
- The Progressive tax
has been emphasized by adding a new segment to those of very high income, so that the income exceeding JD 1 million annually is subject to a 30 percent tax rate.
Interestingly, if taxes are set to rise, which they will clearly have to, it is staggering hypocrisy for the Tories to have attacked the Scottish Government's boosting of the NHS in Scotland through progressive tax
changes, and then look to hike taxes themselves.