inheritance tax | wealthymatters

Some Questions

January 5, 2013 2 Comments

wealthymatters

Did you happen to catch the headlines of today’s ET ?Else here is the link.Its had me pretty steamed up the whole day.

Its no secret that the government is in a financial mess of its own making.Its also true that the general elections are within sighting distance and the government feels the need to be seen to be doing something. Addressing vote banks is obviously a priority.But just how far should a government be allowed to go in its desire to serve itself?

My questions are simply these:

1.)How many of our rich will hang around to be taxed?How many will migrate or otherwise arrange their affairs so as not to be liable for higher tax payouts?At a time when many industrialists prefer to invest abroad since setting up business in India is so cumbersome do we want to drive out more businesses from India What about the lost opportunity to tax these enterprises,if only at marginal rates?What about the lost opportunities for employment of our own people? Read more of this post

Filed under Tidbits Tagged with Arvind Panagariya, gold bubble, Gujarat Model, Higher taxes on the rich, India’s Tryst With Destiny: Debunking Myths that Undermine Progress and Addressing New Challenges., inheritance tax, Jagdish Bhagwati, Kerala Model, postady, property bubble, Rajiv Gandhi Equity Savings Scheme, redistributing wealth, tax avoidance, tax exiles, tax on dividends

Ford Family – Passing Wealth Down The Generations

July 11, 2012 3 Comments

To pay for the New Deal, meant to pull America out of the Great Depression, FDR raised taxes in America.A per the new tax laws in 1935, taxes were raised to 50 percent on estates over $4 million and to 70 percent on those over $50 million.Henry Ford didn’t like the implications of these taxes for his business.You can read about his reasoning in these excerpts from newspapers of that time:

http://trove.nla.gov.au/ndp/del/article/62414312

http://news.google.com/newspapers?nid=1915&dat=19250919&id=4AMhAAAAIBAJ&sjid=WnUFAAAAIBAJ&pg=3508,5720783 Read more of this post

Filed under Philanthropy, Theory Tagged with Benson Ford, Bill and Melinda Gates Foundation, Clara Ford, Class A stock, Class B stock, Edsel Ford., Eleanor Ford, Ford family, Ford Family philanthropy, Ford Foundation, Ford Motor Company, Ford: Decline and Rebirth by Allan Nevins and Frank Ernest Hill., foundation, Great Depression, Henry Ford, Henry Ford II, Henry: A life of Henry Ford II by Walter Hayes, inheritance, inheritance tax, intergenerational wealth transfer, Josephine Ford, New Deal, postaday, The Ford Fund, voting trust, wealth transfer, William Ford

Indian Philanthropy

March 29, 2011 1 Comment

Here are some major features of Indian Philanthropy as enumerated by eminent Indian businesspeople.They are perspectives that were articulated in response to the Gates-Buffett ‘the Giving Pledge’

1.”India has a very old culture of giving, since the time of Buddha. The concept of philanthropy is not new to us.”—-Rahul Bajaj, chairman, Bajaj Group.

2.”Philanthropy in the first world and in the third world are two different things. In the first world people donate to build a baseball stadium. In India, we have to decide for ourselves what we want out of philanthropy. It is not for the Americans to tell us.”

“shareholders have done more charity than Gates and Buffett put together. How? By allowing Cipla to export drugs for $100 million to Africa, which could have fetched $4 billion if they were exported to the US”—-Yusuf Hamied, chairman & managing director, Cipla Read more of this post