Re:Why India wiped out 86% of its cash overnight
by akshayB on Monday November 14, 2016 @03:36PM
(#12953100)
This does not punish poor, they still have time to open bank accounts and swap the money. This is primarily designed to go after big businessmen who avoid paying taxes and also lot of bad activities like terrorism.
Re:Why India wiped out 86% of its cash overnight
by pyre on Monday November 14, 2016 @03:42PM
(#12953147)
Well, all of the money that moves into the bank accounts will be taxed. Won't the hit on that tax affect the poor more than the rich? Sure the rich might take a larger hit in absolute terms or even relative to the size of the money taxed, but the poor take a larger hit in that the money being taxed may be a life's savings pool (i.e. relative to their overall wealth / net worth).
Re:Why India wiped out 86% of its cash overnight
by serge2k on Monday November 14, 2016 @04:31PM
(#12953554)
Goods and Services taxes are regressive, that hurts the poor.
Re:Why India wiped out 86% of its cash overnight
by quadrature on Monday November 14, 2016 @03:43PM
(#12953159)
> Wow, wtf India is getting worse. A unique ID, easier government tracking.
this is not unlike a Scoial Security Number (united states) and serves a similar purpose.
Re:Why India wiped out 86% of its cash overnight
by serge2k on Monday November 14, 2016 @04:32PM
(#12953563)
I never really understood the objection to national ID. Is it really that much worse than state IDs? Tracking can work either way, that seems like a different fight. Companies seem to use the SSN anyway.
>...The size of this shadow economy is reckoned to be as much as 20% of India's entire GDP.
What's been the effect on the economy, positive or negative? What problem is it trying to solve here?
>Curbing tax evasion is part of the agenda for the "aadhaar" scheme, a giant digital database designed to give hundreds of millions of Indians a unique ID, and of the new Goods and Services tax.
Wow, wtf India is getting worse. A unique ID, easier government tracking. Goods and Services Taxes punish everyone who buys things, especially the poor.