Chairman of Indian Overseas Congress Sam Pitroda has backed the party's stand on redistribution of wealth and advocated an inheritance tax law in the country.
Emphasing the need for policy towards wealth redistribution, Mr. Pitroda elaborated on the concept of inheritance tax prevailing in the U.S. "In America, there is an inheritance tax. If one has $100 million worth of wealth and when he dies he can only transfer probably 45% to his children, 55% is grabbed by the government. That's an interesting law. It says you in your generation, made wealth and you are leaving now, you must leave your wealth for the public, not all of it, half of it, which to me sounds fair," Mr. Pitroda said.
Also read | PM slams Congress on Pitroda’s ‘inheritance tax’ remark; says its ‘dangerous intentions’ coming to fore
