Rich To Benefit, Poor Left To Fend For Themselves: Kapil Sibal On Tax Cut

Senior Congress leader Kapil Sibal today attacked the government over its move to cut corporate tax, alleging that the rich will benefit while the poor left to fend for themselves.

The government on Friday slashed corporate tax rates for companies by almost 10 percentage points to 25.17 per cent and offered a lower rate to 17.01 per cent for new manufacturing firms to boost economic growth rate from a six-year low by incentivising investments to help create jobs.

"Howdy, Modi". Corporate Diwali. India foregoes 1.45 lakh cr. revenue. Need Diwali for needy folk!" Mr Sibal said in a tweet.

Howdy Modi

Corporate Diwali

India foregoes 1.45 lakh cr. revenue

Need Diwali for needy folk !

Extra money in corporate hands will not boost demand . Need extra money in hands of rural India to spur consumption.

The rich will benefit
The poor left to fend for themselves

- Kapil Sibal (@KapilSibal) September 21, 2019

"Extra money in corporate hands will not boost demand. Need extra money in hands of rural India to spur consumption. The rich will benefit. The poor left to fend for themselves," he claimed.

The Congress on Friday had termed the corporate tax cut a "panic reaction" by the government and linked it to the "Howdy, Modi" event in Houston, with Rahul Gandhi saying he is "amazed at what Narendra Modi can do for a stock market bump" before the community event.

Amazing what PM is ready to do for a stock market bump during his #HowdyIndianEconomy jamboree.

At + 1.4 Lakh Crore Rs. the Houston event is the world's most expensive event, ever!

But, no event can hide the reality of the economic mess "HowdyModi" has driven India into.

- Rahul Gandhi (@RahulGandhi) September 20, 2019