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Sanskar
Keen Learner and Exp... • 11m
There exists a market whose value is estimated to range between 20% to 30% of India's GDP. Yes, I am talking about the Black market (it refers to illegal trade and transactions that occur mainly to Avoid taxes or to trade illegal goods.) But do you know that High taxes contributes majorly in this black market? High tax rates create strong incentives for individuals and businesses to evade taxes by underreporting income or engaging in off-the-books transactions, leading to the collection of black money. This black money then finds its way into the hands of organized crime syndicates and the underworld. By using which these groups finance illegal activities such as drug dealing, human trafficking, and other criminal Activities. Solutions: 1. Tax rates should be revised every year or two according to the inflation. 2. Tax should act as a responsibility not a burden. (lower tax rates). 3. Money should not be given to those states who cannot use ut responsibly. 4. Reduce in corruption.
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Sanjay Srivastav. Footwear Designer
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Of course the value of money has changed but it's a great comparison. It does not show Congress taxed the rich btw. Nobody was paying 97.5% tax. They were just paying bribes to Congress to keep money black. That's how they destroyed our economy.
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