Thursday, April 10, 2008

India Fund

On my way back home, during my bus ride, as usual, India's Nehruvian rate of growth struck me and I was trying to find a solution to many problems.
Democracy gives importance to numbers. Mere numbers. Crooked politicians manipulate these numbers to gain absolute power. They use tax payer's money like their own and use it to gain popularity with the numbers. Bestow them with free education (not loans) and barter votes for favour or cash. The taxes we pay go into a pool and are (mis)used by the politicians.
How do I as a tax payer ensure that the money I pay as taxes goes where I want it to. Here comes the solution:
The government of India should float an India Fund. The sectors of investment should be education, health, defense, infrastructure etc. Every tax payer should be allowed to pay his taxes by directly putting his money in either/all of these sector funds. This way rather than the vote, every tax paying citizen will have a direct control over how his government allocates funds. He can then use the vote to ensure that each of these funds are spent judiciously.
The government will of-course want to do something for the poor. Then the government should earn its own money by providing value added services.
If the tax payers see that they are not reaping the benefit by 'investing' their taxes in a certain sector, the corpus of that sector will start decreasing. This is an indication to the government to increase the efficiency.
If the government wants to start a new project in a certain sector, they should bring out a detail project report which should be made public. The project report should be such that it should attract tax payers to invest in the sector. We can also provide a little flexibility by allowing a certain percentage of fund to be transfered from one sector to the other.
It may seem at first that the general tax payer will not invest in sectors like education and health as he can avail the facilities from private suppliers. But the tax paying citizen also gets a certain benefit from the education and good health of the people around who cannot afford private services. Hence everyone will certainly make some contribution to the 'uplifting the poor'.
Sole intention is to have some control over where my tax money goes. What do you think?
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