No Income Tax - Idea
Here's a rephrased version:
"Hey everyone, I've been thinking about income tax and the benefits we receive as taxpayers. It's clear that salaried employees bear the highest tax burden. I'd like to propose an idea: what if the government abolished income tax for individuals earning less than ₹10 crores per year and instead increased GST to compensate for the lost revenue? This way, everyone would contribute to taxation through consumption, rather than just a few shouldering the income tax burden.
While prices might rise slightly, this approach could:
- Reduce tax evasion
- Tackle black money
- Distribute the tax burden more evenly
What are the potential downsides to this idea, aside from possible public protests?"