Budget 2022

Recently, Rajya Sabha MP and economist Dr. Subramanian Swamy made a bold suggestion that Income Tax be abolished to boost the economy and that the revenue loss to the public exchequer could be easily recovered through other sources. Although a good number of economists may agree that taxation is the major culprit for creating black money, they are likely to shun the idea of abolishing taxes to tackle the menace of black money, due to their orientation and training in public finance which sees taxes inevitable. Yet, a few economists should at least explore this as a possibility by factoring in all the enormities and complexities that the idea entails.