Nawaz Sharif is so clueless about solving the economic situation in Pakistan that during an exclusive interview with Hamid Mir a few weeks back he proposes PML’s economic plan to hinge on a flat 10% tax rate. It may honestly look tempting but the gravity of the statement further exposes how clueless PML-N is about solving Pakistans problems and is focused only on a marketing strategy to fool the people (and appease the rich) into believing that their experience in power will salvage this country.
So dastardly clueless is this plan that probably little does he know that next year we need $12 billion to survive in the following 12 months – $5 billion to finance the current account deficit and $7 billion to repay out debts (principal and interest), the following year it doubles to $24 Billion. Giving tax breaks to the rich is again shooting Pakistan in the foot, PPP has looted this country to bankruptcy under the garb of corruption – Nawaz Sharif plans to help the rich siphon off money, while the poor can continue their curse of poverty
By some weird coincidence the 10% figure looks intriguing –
- Mr. 10 PERCENT who occupies the Presidency to have given us 10% Corruption Economics
- We now might have another Mr. 10% sitting in Rawind to teach us his 10% Disaster Economics
10% DISASTER ECONOMICS – Nawaz 3E Formula
- He plans to RAISE taxes for an avg tax paying Pakistani household
- Presently a household earning Rs 40,000 / month at the present tax rates pays Rs 333 in taxes
- Under Nawaz Sharif’s 10% flat tax will end up pay Rs. 4,000 (1100% increase) [poor getting over taxed]
- He plans to REDUCE taxes for the rich
- Presently a household earning Rs. 10 Lac at the present tax rates pays Rs 1,98,000
- Under Nawaz Sharif’s 10% flat tax will end up paying Rs. 1,00,000 (50% tax break) [rich getting tax cuts]
- He also proposes to reducing taxes for companies / corporations & banks to a Nawaz Sharif reduced flat tax rate would instantly mean that Rs. 320 Billion disappear from the tax collection from an existing income of Rs 450 billion.
Bottom line is the poor will poor will continue to bear the burden of Pakistan flailing economics while the rich continue evading taxes and finding loop holes to amass more wealth,
PML has ruled Pakistan for over 18+ years in some form or another combined and they still have utterly no clue on how to solve this crisis