Cong’s inheritance tax will hit aspirational classes: FM

New Delhi: Finance Minister Nirmala Sitharaman on Wednesday said the Congress party’s plan to impose inheritance tax is aimed at hitting the middle and aspirational classes as they will not be able to pass on their savings to their children.

If the Congress comes to power, ‘organised loot and legalised plunder’ will be seen in action, she said in a post on X (formerly Twitter), while sharing a video clip of Prime Minister Narendra Modi speaking at a rally in Chhattisgarh.

“So, the @INCIndia plan is: While living—Tax. On death —Tax (Inheritance). Aims to hit the middle and aspirational classes. Their savings or small holdings shall not go to their children,” Sitharaman said. The post further said ‘Dr MMS’ (referring to Manmohan Singh) “Organised loot and legalised plunder” will be seen in action. Congress’ #TaxTerrorism”.

The Congress party on Wednesday distanced itself from the ‘inheritance tax’ issue, saying that the remarks of Indian Overseas Congress Chairman Sam Pitroda were being sensationalised and taken out of context. With his remarks triggering a row, Pitroda said on X that “It is unfortunate that what I said as an individual on inheritance tax in the US is twisted by Godi media to divert attention from what lies the PM is spreading about the Congress manifesto. PM’s comments on Mangal Sutra and gold snatching is simply unreal.”