Sam Pitroda, the Indian Overseas Congress head backed the Congress party’s stand on redistribution of wealth and advocated an inheritance tax law in the country while elaborating on the concept of inheritance tax prevailing in the United States.
The statement assumes significance because Prime Minister Modi had earlier this week accused Congress of planning to redistribute the wealth of people among “those with more children," a charge the grand old party denied.
“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 percent to his children, 55 percent is grabbed by the government. That's an interesting law. It says you, you must leave your wealth for the public, not all of it, half of it, which to me sounds fair," Pitroda said in an interview.
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