It has come to surface that two government sources have informed Reuters that there will be a
major tax reduction for people with annual incomes up to Rs. 15 lakhs.
The Finance Ministry has neither confirmed nor denied this information. In fact, it has said there
will be a tax reduction, but they have not yet decided on the tax cuts, so they are not revealing
information yet. Hence, the budget for 2025 will be a much-awaited one.
This News Follows After Elon MuskтАЩs Released Video
Elon Musk recently went viral on the internet speaking about how developing countries like India
are not letting their country’s middle class grow by imposing heavy taxes on their hard-earned
money. He advocates for the rights of working people that have full right to spend wherever and
however they wish to spend or not spend their money.
Positive Implications If Budget Approves This Tax Regime
The tax reduction for the group of people whose annual earnings are between 3 to 15 lakhs will
benefit from the tax reduction. There are already many ongoing schemes for below-poverty-line
people and the rich and powerful have ample resources for themselves.
This step will also give a boost to the economy as with cuts in taxes, middle-class people will
have more money in their hands and more money means more savings, more expenditures, or
more investments, which will facilitate GDP growth.
Deeper Analysis Of Tax Cuts For Government
The government may initially face some loss of revenue as a major chunk of its revenue comes
from income tax paid by people who fall under the tax slab of approx 10 lakhs. Ultimately, the
government will benefit as it will start a prosperous cycle of investments and returns.
This will also help the Government win the hearts of middle-class people as elections are due in
2025. It seems the Government has mastered the art of using an economist tool as a populist
tool as well.
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