Subramanian Swamy wants I-T abolished to ease burden

Hyderabad: BJP Rajya Sabha MP Subramanian Swamy on Friday sought abolition of income-tax to ease the burden on the middle class and accelerate the country’s economic growth.

Speaking on the sidelines of 8th IEIA open seminar, Dr Swamy asked, “Who is paying income tax in India? a very small fraction. So, why should you impose this burden on this small fraction?”

He said most taxpayers are the middle class and startup entrepreneurs and it amounts to harassment for them.

“So if you abolish the income-tax, the rate of savings would go up. The rate of savings goes up, investment goes up and therefore growth goes up. And indirect taxes will give you more than what you lose by abolishing it,” he said.