January 24, 2013 1:23 PM

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Very rich should pay a little more: Fin Min on taxes

Finance Minister P Chidambaram has favoured the argument for taxing the very rich,a little more.Talking to a private TV Channel,he said that he believes in stable tax rates but when the economy requires, when the government requires, more resources the very rich should willingly pay a little more.He ,however, clarified that he was not expressing a view but an argument.Chidambaram said tax rates that were announced in 1997 in the Budget he had presented then, have remained and have survived four governments and four finance ministers.On the Budget to be presented next month, he said the Budget is not drawn up keeping an election in mind. He said,it will be a responsible budget.The Finance Minister said if on February 28th he could show that the government has kept fiscal deficit below 5.3 per cent and if Budget estimates show that the next year's fiscal deficit will be below 4.8 per cent, then he can show a healthy growth in revenues over next year.Several experts including chairman of Prime Minister's Economic Advisory Council (PMEAC) C Rangarajan have underlined the need for imposing higher rates of taxes on super rich.

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