While for Smith a nation‘s economic state helps define its social and political structures, he categorically stated that the moral character of a people is the ultimate measure of their humanity. Smith offers models for how people should treat themselves and others. A blue-print of a just society was also offered by him in which the society concerns itself with its least well-off members, not just those with economic success. He had great belief in free market, yet in this system he did not want to see human beings merely as homo economicus
Presenting a budget of Rs 1,83,950 crore, the biggest in the state’s history, the chief minister said in this year’s budget, there is an increase of 11.6 per cent over Revised Estimates 2022-23 of Rs 1,64,808 Crore.
Asian Indians have the highest income among ethnic groups with a median household income of $119,000.
In this connection, Modi noted that states like Karnataka and Gujarat undertook tax reduction for the welfare of the people despite revenue loss while their neighbouring states earned revenue by not reducing the tax.
The decision would force customers to bear an additional five-eight per cent of expenses on the overall tax payment amid a power crisis surging demand for inverter system.
Finance minister also announced the implementation of an urban wage employment scheme, on a pilot basis, to provide gainful employment to urban poor
Trump paid no income taxes at all in 10 of the previous 15 years - largely because he reported losing much more money than he made, the report said.
Currently, two-wheelers costing upto Rs 1.5 lakh are taxed at 9 per cent of the vehicle cost, while those between Rs 1.5 lakh to Rs 3 lakh at 12 per cent. The vehicles costing more than Rs 3 lakh attract 15 per cent tax, as per the data.
Sitharaman said that the higher surcharge had been proposed in view of rising income, and that the high income earners should contribute more to the nation's development.