Miscellaneous - This Day That Age   

dated May 17, 1957: Keynote of proposals

In a broadcast over AIR, commenting on his taxation proposals, Mr. T.T. Krishnamachari said, "In no circumstances should the Plan suffer for lack of our own effort. This is the keynote of my proposals. We have certain well-defined social objectives. We wish to reduce inequalities and enlarge opportunities for the common man. We wish to foster the spirit of enterprise and initiative in every individual subject. All this is summed up in our conception of a socialist society. Socialism cannot be built without persistent effort and sacrifice, because our problem is not merely one of taking away something from some people and giving it to others. Therefore, we need to alter our tax structure. I have tried to benefit those who work. I have offered them an incentive to work harder, to produce more and to earn more. I have at the same time imposed heavier burdens on unearned incomes, through a surcharge on income-tax and through a wealth tax. The salaried classes contribute a significant part of the income-tax collections, because we collect the tax from them before they get their salaries. I wish to encourage them."

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