Sam Pitroda Advocates for Inheritance Tax in India, Says 'Redistribution of Wealth Should Benefit All, Not Just the Super-Rich' (Watch Videos)

Chairman of Indian Overseas Congress Sam Pitroda has backed the party's stand on redistribution of wealth and advocated an inheritance tax law in the country. Emphasing the need for policy towards wealth redistribution, Pitroda elaborated on the concept of inheritance tax prevailing in America.

"In America, there is an inheritance tax. If one has 100 million USD worth of wealth and when he dies he can only transfer probably 45 per cent to his children, 55 per cent is grabbed by the government. That's an interesting law. It says you in your generation, made wealth and you are leaving now, you must leave your wealth for the public, not all of it, half of it, which to me sounds fair," Pitroda said.

You Must Leave Your Wealth for the Public, Says Chairman of the Indian Overseas Congress.

#WATCH | Chicago, US: Chairman of Indian Overseas Congress, Sam Pitroda says, "...In America, there is an inheritance tax. If one has $100 million worth of wealth and when he dies he can only transfer probably 45% to his children, 55% is grabbed by the government. That's an… pic.twitter.com/DTJrseebFk

— ANI (@ANI) April 24, 2024

"In India, you don't have that. If somebody is worth 10 billion and he dies, his children get 10 billion and the public gets nothing...So these are the kinds of issues people will have to debate and discuss. When we talk about redistributing wealth, we are talking about new policies and new programs that are in the interest of the people and not in the interest of the super-rich only," he added.

Pitroda also said that the subject of wealth distribution is strictly a 'policy issue' and he feels concerned about Prime Minister Modi after his remarks on Congress manifesto.

"This is a policy issue. Congress party would frame a policy through which the wealth distribution would be better. We don't have a minimum wage (in India). If we come up with a minimum wage in the country saying you must pay so much money to the poor, that's the distribution of wealth. Today, rich people don't pay their peons, servants, and home help enough but they spend that money on vacation in Dubai and London...When you talk about the distribution of wealth, it is not that you sit on a chair and say I have this much money and I'll be distributing it to everybody," Pitroda said.

Congress Party Would Frame a Policy Through Which the Wealth Distribution Would Be Better,  Says Sam Pitroda.

#WATCH | Chicago, US: Chairman of Indian Overseas Congress, Sam Pitroda says, "...This is a policy issue. Congress party would frame a policy through which the wealth distribution would be better...We don't have a minimum wage (in India)...If we come up with a minimum wage in the… pic.twitter.com/PO6Mnili5p

— ANI (@ANI) April 24, 2024

"It's naive to think like that. The PM of a country thinks like that...I have some concerns about his brain," he said when asked to comment on the Prime Minister's criticisim of the Congress manifesto. 

Prime Minister Modi and the BJP have criticised the Congress manifesto saying the poll document smacks of appeasement and that if it came to power, it would redistribute people's wealth and also give reservations to Muslims from the quota for SC, ST, and OCB communities.

In a scathing attack on Congress in Rajasthan, Prime Minister Narendra Modi on April 21 had said that the party would conduct a survey and they would not even let Mangalsutra remain with women and "will go to this extent."

"These days those who left Congress tell one thing very seriously, they are all saying that Congress is no longer Congress, it has gone into the grasp of urban Naxals. Congress is now in the grab of Communists. One of our friends asked them how can you say this, they said look at their (Congress) manifesto. See the Congress manifesto of this election. What Congress has said in its manifesto is serious and worrying. And it is their attempt to implement the Maoist thinking. They have said that if Congress government is formed, there will be survey of property belonging to each person. How much gold our sisters have, that will be found out, calculated," PM Modi said.

He said the gold that mothers and sisters have is not for show only, it is linked to their self-respect. "Who will you distribute after collecting the wealth, distribute it to those who have more children, distribute to infiltrators. Will the money of your hard labour be given to infiltrators, is this acceptable to you?" PM had asked. Meanwhile, Pitroda also expressed disappointment over Prime Minister Narendra Modi equating the Congress manifesto for Lok Sabha elections a "poll document of the erstwhile 'Muslim League'".

Pitroda said that he feels ashamed of the Prime Minister and called him a 'pathological liar'. "I feel sorry for them, I am amazed that they would talk like this, It is a lie. EC. This manifesto has nothing to do with the Muslim league. I am ashamed of my Prime Minister. His team is lying about the manifesto. He is a pathological liar. How can they lie through their teeth and feel comfortable," Pitroda told ANI.

Slamming the Prime Minister over his recent 'those who have more children' remark, Pitroda said that fear has set in the minds of the BJP after the first phase of polls and this has led them towards making such comments.
"How can you insult our women...Muslims really don't have more children. He (PM Modi) can say whatever he likes, he also has moral responsibility. He is not above the law. It looks like you can't comprehend, I think it is maybe due to fear, panic has been set in after the first phase. India is angry at the PM's comment," he said.

Meanwhile, the Congress manifesto says, “Inequality between the rich on the one hand and the poor and middle classes on the other have increased sharply dealing a body blow to the goals of equality, equity, and social and economic justice.” It says the share of national income earned by India's top one per cent is today at its highest historical levels and is among the highest globally. “The rise of inequality has been particularly pronounced between 2014 and 2023.”

(With inputs from news agency ANI)