A PEOPLES’ ECONOMIST: ESTABLISH WEALTH LINE APPROACH, END POVERTY LINE PERSPECTIVE, SAYS ROSHAN LAL AGARWAL

By Neha Jha

He believes that continuous growing economic differences between the two class of society results into an uneven system which is mother of poverty. Our system is not justified on this matter due to this one class in the society is polarized with another. And, this increases the level of insecurity and injustice in our society that is inching towards imbalance. Balancing it is a difficult process however it is unavoidable. Such imbalance is a curb on the social and economic development. Every day, poor becomes poorer and rich becomes richer. The situation indicates the growing gap between wealthy and wreathless, which means accumulation of wealth is upscale globally that does not have a balance with the redistribution of wealth therefore it becomes essential to measure the societies and economies through Wealth Line in spite of  much touted poverty line.

Aggerwal says the average limit for the basic property rights for the citizen should be made because a person is considered to be the owner of the property and the owner of the property beyond the optimum need is injustice and cause wealth imbalance. He says an average of property needs is required to be established, and whosoever owns beyond that is indebted to society and thus has to pay the interest on the extra property in the form of tax. He also expresses the same on the accumulation wealth, and making average wealth line beyond which the extra wealth needs to tax amicably. In this regards, he says, a new tax regime is required which fundamentally needs a new approach for taxation. Besides, he says whatsoever is on the earth is produced without human labor and is a natural production inclusive of minerals and other natural resources is property of all therefore all humans, citizens (including state / province residents – ed) have equal right on its economic worth – the wealth generates out of it. He calls, all this set of approach an economic justice. Due to this poverty, exploitation, bondage, iniquitous, dissatisfaction, racism and terrorism will be ended and it is justified distribution.

He further says assessment of wealth should be on the basis of current market rate and should assess every year because wealth rate changes like other things. For this we need to take taxes from those who have more money than an average line of wealth. According to him it's actually not a tax but it is a social debt on those people who have more than average line of wealth. We need to remove wealth tax and all the rest taxes it is completely wrong and injustice.  

Neha Jha is Delhi based journalist.

Published in Merinews: http://www.merinews.com/clogArticle/a-peoples-economist-establish-wealth-line-approach-end-poverty-line-perspective-says-roshan-lal-aggerwal/15931583