Poor middle class is getting taxed more: The gold standard demands 10% tax slab to start from Rs 10 lakh today

Since, budget of 2005-06, gold rose more than 10 times in last 19 years but tax slabs have not changed much. Basic income tax exemption limit of Rs 1 lakh in the year 2005-06 was worth 145 gm of gold then. However, at Rs 2.5 lakh basic exemption limit, it is worth a tiny 34 gm now. So, poor people are getting taxed with unchanged rates not factoring adverse impact of inflation. At gold standard the tax slab of 10% should start from Rs 10 lakh in 20024 which is worth 145g gold.

from Tax-Wealth-Economic Times https://ift.tt/wCG562H