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The Role of Political Parties

The Role of Political Parties and their manifesto
The situation is just right to mention in the manifesto of political parties that the https://nasledstvo.today/ party recognizes the ill effects of unbridled inheritance and is committed to act, to change the law in a manner that is more suitable for the general good of society.

This act alone, may give a clear and distinguishing edge to a political party that wishes to be benefited in the elections, as being the first to ask for a change in the law of inheritance.

Our constitution has been amended a record number of times, so it may appear that a change in the laws of inheritance would be easy, but this would be resisted most strongly perhaps violently by the modern day ‘dynastic slaves’.

In other parts of the world
There are many countries of the world, where Inheritance laws are stringent to an extent, that the inheritor often opts to give up his inheritance rather than pay the taxes associated with it.

In such countries a large reserve of wealth, is thus made available for the general good. The law is framed in such a manner, that it is an antidote to the evil of accumulation of wealth. Not surprisingly these nations have the best standard of living; the Scandinavian Countries are an example.

A comparison of the inheritance tax in some countries is given below:3

Country Inheritance Tax Exemption Limit
India ZERO Not Applicable

England 40 % $ 470,000

France 40 % $ 182,000

Germany 19 % to 50 % $ 367,000

Norway 20 % $ 38,000

Denmark 25 % $ 302,000

Greece 40 % $ 7,000

Spain 7.65 % to 34 % NIL

Way Forward
India is a nation with the largest proportion of young people both in numbers and as a percentage. The society must cater to and evolve a dream that gives hope to the people who will take the country forward.

A change in the laws of inheritance will bring forth so much wealth for the general good that our youthful society shall be invigorated with so much hope and energy that the foundation of a truly great nation would have been put in place.

Currently a change in the laws of inheritance is not a priority with any political party, though the party that puts this up first, will reap the maximum benefit.

The task looks arduous but I have hope in the fact that nothing is stronger than an idea whose time has come.

Adess Singh.

adesssingh@rediffmail.com

References:

1. Adam Smith’s views and quotes of Former Presidents: jeffweintrub. blogspot.com

2. Swat Valley Landlords: ‘The New York Times’ and reproduced by ‘The Hindustan Times’, 18th April 2009.

3. Tax on inheritance in various countries: Globalpropertyguide.com

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