New Delhi, Oct. 23 -- Taxation, in some form or another, operates in all modern economies and constitutes an important source of revenue for the government. In liberal democracies, the institution of taxation must necessarily adhere to the same principles of fairness and equality on which the very state is founded. The question of whether it is possible and desirable to raise taxation on the top 1% is deeply embedded in notions of fairness and wealth redistribution. However, fairness is subjective, or at least culturally specific. While there is a broad agreement among both the political left and right that taxes should be 'fair', there is considerably less agreement over what this 'fairness' entails as taxation policies vary greatly acro...