No you dont get me.
Its not as simple as in black and white that for respect i would not want Swiss Bank to end the secret accounts.It would be far stupid assumption.
Either way just because people keep black money it doesnt mean world is suffering with poverty because of them.Moreso since not all of it is black.
Wealth is not something that is freely available and that it is distributed equally amongst all.
Wealth has to be created ,earned or made. It is not that people who made money hide it from others or it is our duty as moral citizens to act like leechers and extract the money from those hard earning individuals. Yes def when corrupt politicians or official do it it is altogether crime and should be looked down upon.But this toic is not about them.
Just because there are few of those , it doesnt means that the genuine ones who have safe parking of their money should be penalized.
There are some people who have genuinely earned money and want to park it with the bank who have sound and stable financial backing. Moreover if you look at few of the incometax slabs from some countries it ridiculous. Poor laws sometimes weaken necessary and just laws.
You would be surprised to know that most business houses DLF,Infosys,Wiro,Tata ,Reliance park about 25% of their profits with those banks.
And this is because if those company pay complete tax up to the last penny there will not be enough money left to sustain business forget keeping in line of profit and feeding the vast armies of employees.
Its not as if these giant companies are profiting from saving the tax and getting rich. Were they to pay income tax as per the rule book there would not be any company left in India (
Income tax, service tax, excise ,cess etc) who could operate business viably without playing around with the account books.
I am all for the abolition of secret Bank Accounts if :-
1)Government make really sane tax slabs in the context of modern business needs and working.
No wonder Reliance, Tata etc sometimes openly flout the tax just to stay competitive in market due to our stupid tax slab.
If govt or for that any other govt in World make sensible tax laws they will actually see their tax revenue increasing. No one like to play around the law.
In todays scenario its not like people get rich saving income tax.