Context :
If
ChatGPT were your Finance Minister for Budget 2023, would you get tax cuts?
( Financial Express
/ 25
Jan 2023 )
Extract :
….we
asked ChatGPT to don the hat of
India’s finance minister and tell us whether it would cut taxes to reduce the
burden on the salaried class.
In
response to the question, “If you were the Finance Minister, would you cut
income tax rates in the Budget?,”
ChatGPT said that :
Ø
since it is a language
model, it does not have personal preferences or opinions, so it can not be a
finance minister. “However, whether or not to cut income tax rates is a complex
decision that would depend on a variety of factors,” it said, adding that
cutting income tax rates could help to stimulate economic growth by putting
more money in the hands of consumers and businesses, which could lead to
increased spending and investment.
It
further went on to say that:
Ø
..on the other hand,
cutting income tax rates could also lead to a reduction in government revenue,
which could negatively impact public services and programs. Additionally,
cutting income tax rates could also exacerbate income inequality, as those with
higher incomes would benefit more than those with lower incomes.
Ø
“If I were a Finance Minister, I would analyze the
current economic conditions, the government’s revenue and expenditure
projections, and the overall fiscal position of the country before making a
decision on whether or not to cut income tax rates. It would also be important
to consider the impact of such a decision on different groups of people, and to
consider other policy options that could be used to stimulate economic growth
and improve the standard of living for citizens,” ChatGPT said.
When asked about how it would reduce
the tax burden
on the salaried class, ChatGPT
said,
Ø
If I were to hypothetically suggest ways to lower the
income tax burden on the salaried class, some options that could be considered
include:
- Increasing the standard deduction and personal
exemptions to reduce
the amount of taxable income for salaried individuals
- Introducing tax slabs
with lower tax rates for lower
and middle-income earners
- Providing tax credits for certain expenses such as education or
housing
- Increasing the exemptions
and deductions available
for retirement savings
- Simplifying the tax
code to reduce compliance
costs and make it easier for salaried individuals to file their taxes.”
Now let us go back 7 years , to ChatGPT – circa 2016 . Here it is :
Ø A
Laughing Matter ?................................. [ 19 Feb 2016 ]
Extract :
Newspapers report that the Government
have received budget suggestions from some 7,000 persons and that , this time
around , Prime Minister himself is closely involved in the budget making
exercise
Now, with all this obsession /
seriousness / paranoia , surely this secrecy surrounding the budget document ,
cannot be a laughing matter !
Unless you ask ,
* some foreign software geeks ( eg:
Sundar Pichai / Satya Nadela / Vivek Ranadive / Ray Kurzweil etc )
* some Indian BIG DATA
ANALYTICS geeks ( Mukund / Krishnan / Sanjay / Srikant / Raj /
Anurag etc )
Because , if you do , they will laugh
and tell you :
" Just give us the actual budget documents of the past 60 years ( including the accompanying budget speeches ) and we will process these documents using Big Data Analytics software and predict what will be the provisions in the forthcoming budget ( with a probability of 99.7 % - ie ; plus or minus THREE standard deviation )
And then, we will process those past
budget speeches with a PARAPHRASING
software ( ala Kurzweilai.net ) and
give you an advance print-out of Shri Arun
Jaitleyji's speech on 29th Feb "
But of course , Shri Jaitleyji could cheat the PREDICTIVE ANALYTICS , by
announcing following
* Total Abolition of Personal Income Tax ( or at least , reducing incremental tax rates in each higher slab )
* Decreasing Incremental Corporate Tax Rates , linked with each higher slab of " Permanent
Employee
* Perpetual Amnesty Scheme for all CASH deposits made in Jan Dhan Accounts ,
if invested in tax-free Infra
* Transfer of 1.8% of GST
(from 18%) into buyers' PPF a/c , to ensure all
citizens get PPF a/c for tax-free
This amount
to be used for paying premium for COMPREHENSIVE HEALTH INSURANCE to cover all
illnesses
* Introduction of plastic
Currency Notes of Rs 500/1000, embedded with micro RFID sensors ( stop Black
Surest way to ensure that almost all payments are made thru official channels !
* Introduction of BTT ( Bank Transaction Tax ) @ 2% to
yield Rs 15 lakh*crore of revenue ( against revenue
Loss of Rs 2.5 lakh*crores
caused by abolishing Personal Income Tax )
Now such announcements , besides
being " Unpredictable
" , would meet Shri Narendra Modiji's following
announcement at Make in India week on
13th Feb :
" There is no time
for incremental changes . We want a quantum jump "
Dear
Shri Jaitleyji :
How about an " Incremental
Quantum Jump " by
* Announcing these
unpredictable on 29 Feb 2016
* Spreading out actual
implementation over the next 5 years
That could be the surest way to win
300 seats in 2019 Lok Sabha elections !
Dear Smt Sitharamanji ,
7 years ago , Economic conditions were , perhaps not
conducive enough for Shri Jaitley :
Ø
To announce the Unpredictable
Ø
To make that quantum jump
Things are much better now.
I urge you to announce the “ Unpredictable “ in your forthcoming Budget speech
on 01 Feb 2023 , in order to :
Ø
Unleash the Animal spirit of Indian Start-ups
Ø Make 21st
Century, the INDIAN CENTURY
With regards,
Hemen Parekh
hcp@RecruitGuru.com
/ 26 Jan 2023 / Republic Day