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While presenting the budget for the year 2016-17, the Finance Minister proposed to raise the excise duty on cigarettes. He also proposed to increase Income Tax on individuals earning more than Rs. 1 crore per annum. Is the objective only to earn revenue for the government? What possible welfare objective can you think of from these proposals? Explain. Also identify the value that government is trying to initiate by this proposal.                                                              

Answer:

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