MIDDLE CLASS WOES
So the middle class have to pay Income tax, those earning more than Rs.5 lakhs per annum. So they have to pay anything between Rs.50000 to Rs.1 lakh or above as income tax. If they have to save on tax they have to heavily invest quite a chunk of their earning in tax saving instruments. Nowadays it is common for middle class person to own one house and probably a car. So he has to pay property tax, water tax, Road tax and vehicle tax, mandatory insurance on vehicles and Life Insurance and medical insurance. He will not get any of the benefits available to a poor person or tax sops available to a rich man. He pays when petrol prices go up, when vegetable prices go up, when pulses, grains prices go up. He has to take care of his parents, pay a whopping fees to the schools and colleges to educate his children. If one is not occupying ones own house, the rentals are a big drain on his income. When some medical emergencies come up in his family, he is finished. Because of work pressure he gets stress related problems, when roads are bad he gets health problems while travelling on his two wheeler. When there are power fluctuations his appliances get spoiled. Voltage stabilizers and AMC for each and every appliance in his house are a big drain on his earning capacity. In many families, in order to make ends meet, both man and his wife have to earn to make ends meet. Where there is a single man earning, he has to wait for many years till he can see better times. Doctors fees are killing, hospital bills give him a heart attack. Every budget he hopes for some magical, ever elusive relief only to be disappointed. Some people in middle class category are better off, no doubt, those that have some inherited wealth. For majority it is surely a hardship which goes on unabated. Is it a permanent struggle then?. " Somehow manage" is the mantra on which he has to live.
It is true for everybody or I am exagerating? more