Friday, 5 May 2017

Vasanth Nagulakonda

3 steps to bridge the gap between The Richest and The Poor.

The current situation of The Rich and The Poor gap.

Governments must follow the below steps to bridge the gap between The Richest and The Poor:
  1. Raise the salaries of Government employees by 33-100% to curb corruption and increase the spending capacity of its employees. Such raise will bring in indirect tax money which can be used towards helping poor by the Government.
  2. Make a new law, such that every public sector unit, private sector corporate and registered private business always share 33% of their annual gross profit with all its employees every year equally, irrespective of their designation, on top of their regular salary. This is against the current corporate culture where only promoters, management and investors become rich. The rest 66% of the firm's gross profit can be taxed at a reduced corporate tax rate. This will keep everyone happy and such employees will pay more direct tax. Many employees will have more money with them to spend, thus more indirect tax revenue for the Government. Note: The salary and benefits provided to an employee must be based on his/her skill set, experience, and market. The profit sharing must be equal among all employees. Enforcing such law will put an end to the exploitation of labor/ workforce by greedy employers.
  3. Improve literacy and skills of The Poor for free and make them employable. This will make them gain from above two steps.

Suggestion for Indian Budget 2018.