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Thursday, April 07, 2005

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The Finance Minister says that the salaried class pays the maximum taxes and the honest tax-payer need not worry about any harassment.The new income tax code that will simplify and replace the nearly five decades-old law will be introduced in Parliament in the next four months amidst indications that there may be “finetuning” of taxes but no “radical” changes in them.
Over the weekend, Finance Minister P Chidambaram has been working on drafting the code, which after being tabled in Parliament, will have to go through a process that will take quite some time before it is passed.
Read more: The new income tax code

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There are differences how saving is measured between countries. For example, in the U.S., the saving rate doesn't include capital gains (so, Bill Gates saving rate, over the years, is close to zero). Consequently, net worth may better reflect saving. U.S. net worth increased 48% over the four-year period 2002-06. Excluding real estate, U.S. net worth rose 44% from 2002-06. U.S. household net worth rose over 1% in Q1 2007 to over $56 trillion. So, it seems, U.S. saving is understated.

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There are differences how saving is measured between countries. For example, in the U.S., the saving rate doesn't include capital gains (so, Bill Gates saving rate, over the years, is close to zero). Consequently, net worth may better reflect saving. U.S. net worth increased 48% over the four-year period 2002-06. Excluding real estate, U.S. net worth rose 44% from 2002-06. U.S. household net worth rose over 1% in Q1 2007 to over $56 trillion. So, it seems, U.S. saving is understated.

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over the four-year period 2002-06. Excluding real estate, U.S. net worth rose 44% from 2002-06. U.S. household net worth rose over 1% in Q1 2007 to over $56 trillion. So, it seems, U.S. saving is understated.

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