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India's bulging working-age population gives it a high ratio of earners to elderly dependents.
Just don't expect them to tell their high earners to take it on the chin.
Capital gains tax, currently 18%, to increase for higher earners to 28% from midnight.
It forced wage earners to approach financial markets to meet their basic needs.
It forces very high income earners to pay their fair share of tax.
And the incentives that enable higher-income earners to save and invest are nonexistent for those with lower incomes.
Republicans in Congress immediately dismissed Obama's plan for higher taxes on top earners to fund relief for poorer Americans.
For the wealthiest earners to pay a supplementary tax at a time of need "is to act patriotically," he added.
"How about some negative bonuses for the top earners to bring them down to the average wage?" suggested Cyphon1988.
His first major decision was to allow Governor Snelling's temporary tax increase on upper-income earners to expire on schedule.
While it might be nice, and easy, for some wage earners to dispense with cash, it's not going to happen.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com