Billionaires and donations
In the PCP article Abdul Matin's (Aug 19) wish that Bangladesh billionaires should follow the likes of Bill Gates to give most of their money in charity is a no-no proposition in Asian countries including Bangladesh. This will only come about when there is a hefty inheritance tax (like western countries) for the rich ( over a certain value of his/her estate at death), so that greed and ambition for dynastic accumulation of wealth is curbed by legislation to enable wealth to trickle down to the poor in society.
Inheritance tax broke the power of English landed gentry and aristocracy, and this is the sure way forward for reduction of poverty in the land and re-distribution of accumulated wealth.
If 10 billion is taken away by the state out of a fortune of 20 billion when one dies, then it is much more satisfactory to give 15 billion away in charity when one is alive in worthwhile causes. (Non charitable gifts must be taxed at the same rate as inheritance tax, but only charitable gifts would be exempt, as in the west).
There may always be a few exceptional wealthy persons ( e.g. late R.P. Saha), but that does not disprove the logic of the necessity for such an inheritance tax to be introduced in Bangladesh. But does anyone have the courage to grasp the nettle?
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