China to cut tax for low earners to boost stability

[Viva_La_Revolution]

Source: BBC

More details are emerging of China's plan to raise the income tax threshold by 50% and to double salaries within the next five years.

Lawmakers are revising the income tax law to narrow the wealth gap and to encourage more domestic consumption.

The amendment will raise the threshold for personal income tax from 2,000 to 3,000 yuan a month (from $304 to $456).

Some 50 million more people would be exempt from income tax and the measure would cost the government $18bn a year.

Read more: http://www.bbc.co.uk/news/world-asia-pacific-13156013?utm_source=twitterfeed&utm_medium=twitter

[and-justice-for-all]

1. Well theres a nice idea...nt

[denverbill]

2. Did the Chinese Republican Party demand a tax cut for the rich to go along with this?

Everybody knows that you can't cut taxes on the poor unless you give the rich an even bigger tax cut and tie the two together.

And unless you cut taxes for the filthy super-rich, they won't create any jobs.

[JDPriestly]

3. Now watch China's economy take off and move upwards even more

than before.

The rich will tell you that making lots of money is an incentive to work hard. But what they don't admit is that making the poor work for very, very little money or not at all makes them depressed and unable to work hard.

The Chinese workers will get a huge boost from this and will work harder than ever to improve their lives.

Meanwhile, back in the USA . . . . . . .

[robinlynne]

4. ahhhh so narrowing the welath gap is the way to go. how about that?

Let's see, it worked wonders in Brazil. no. let's keep on doing that trickle down thing. It's working so fine.

[plumbob]

5. Those goddam dumb Chinese bastards seem to think that narrowing

the wealth gap will increase domestic sales. Thass ridikulus! Everybody knows those poor people will just hoard that money up, while rich ones wisely spend theirs on secret accounts offshore!

How can they expect to build an economy that way????!!!




Pretty sad when a country which labels itself communist is way more in touch with what works that the supposed capitalists here, isn't it?