Finance Minister Arun Jaitley today announced the Union Budget for 2018-’19 which kept much of its focus on rural plans and easing the agrarian crisis ahead of general elections next year. The Budget 2018 had headline schemes that include a health care insurance proposal for the poor and an increase in the minimum support price for crops.
Amidst all of this, India’s salaried class felt woefully ignored. The Union Budget offered no relief in the income tax slabs and the standard deduction of Rs 40,000 on taxable income that FM Arun Jaitley announced fell short of expectations.
To top it all, there’s an increase in 1% education and health cess, which extend taxes overall. An additional dividend distribution tax on equity mutual funds and long-term Capital Gains Tax on equity turned out to be an added blow.
There was an increase in the salaries of the president, vice president and governors, while MPs were guaranteed an increment every five years to keep up with inflation. All worked like adding salt to the wounds.
Feeling left out, the self-proclaimed middle class – who are much closer to the top of the Indian social and economic pyramid than they dare to admit – turned to humour and Twitter for solace.
For those who may be confused. National Bamboo Mission does not refer to what the budget has done to the middle class.
It’s just another provision in the budget…— vir sanghvi (@virsanghvi) February 1, 2018
New movie titled ‘How To Lose Friends and Alienate The Entire Middle Class’ should be made now. #Budget2018
— Kabir Taneja (@KabirTaneja) February 1, 2018
Poem by @arunjaitley to salaried middle class:
Roses are red
Violets are blue
I have 5 fingers
Middle one’s for you.#Budget2018 #replug— Arnold’s Soundness (@brakoo) February 1, 2018
For those who were left speechless by the disappointment, GIFs and screen grabs from Bollywood movies came to the rescue.
Condition of middle class in #Budget2018 pic.twitter.com/iz3Z5kHRb5
— Bhaad me Jaa.. (@iAbhishek_J) February 1, 2018
Jaitley ji to Middle Class #Budget2018 pic.twitter.com/YIzr4N8Nzv
— Ritik (@RitikRai619) February 1, 2018
Middle class right now#Budget2018 pic.twitter.com/HoIx48ZH60
— Bollywood Gandu (@BollywoodGandu) February 1, 2018
Middle class looking for tax relief in #Budget2018 pic.twitter.com/yM18V1RqiV
— Geekology 🔁 (@academic_dud) February 1, 2018
Arun Jaitley holding Indian middle class. #Budget2018 pic.twitter.com/c2WDtw5F4Z
— Aaqib Raza Khan (@aaqibrk) February 1, 2018
Politically it’s a great strategy.
Keep #SuperRich friends close
Keep taxing the quiet #MiddleClass
Keep announcing schemes for #ThePoor voters.
The only problem is that the economic bails will not stay there by sheer bhakti.
(Original pic via @BollywoodGandu) pic.twitter.com/8Nr071N0Ns— Akash Banerjee (@akashbanerjee) February 1, 2018
Middle Class will now have to pay:
Goods and Service Tax.
Long Term Capital Gain Tax.
Income Tax.
Increased Cess on Income Tax.This will make them fall in BPL category and hence will be able to avail all Govt Schemes.
Masterstroke by Modi ji.#Budget2018— Jet Lee(Vasooli Bhai) (@Vishj05) February 1, 2018