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Can a wealth tax reduce inequality?

India definitely needs to widen its revenue collection as well as base. India presently does not have any wealth tax—i.e., a tax levied on one’s entire property in all forms. This article by Jyotsna Jha of Centre for Budget and Policy Studies discusses the need to levy a wealth tax in India:

It’s time to consider a wealth tax that may lessen Indian inequality | Mint (livemint.com)

It will work as long as we don’t leave an elephant sized loophole like we have in case of income tax where farmers are excused from it no matter how much they earn. Every politician owns some land and claims all ill gotten money as agricultural income and whitewashes all of his black money.