China is slashing business taxes as it tries to stop its economy from slowing down too sharply.
The Chinese government on Tuesday predicted economic growth of between 6% and 6.5% in 2019. That's a decline from last year's 6.6% rate of expansion, which was already China's weakest performance in three decades.
"There has been a more complex and severe environment facing our country's development this year," Chinese Premier Li Keqiang said in a speech. "There are greater expected and unexpected risks and challenges, and we have to make full preparations for a hard struggle."
Li announced the growth target, which is in line with most economists' forecasts, at the start of this week's annual meeting of the National People's Congress, China's rubber-stamp parliament. He also unveiled a slew of new measures intended to bolster the economy, including cuts in taxes and other charges that he said would save businesses nearly 2 trillion yuan ($298 billion) a year.
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WNU Editor: The current business tax rate in China is 25%, and the individual progressive rate ranges from 3% to 45% (see here for more info on China's tax rates). If these proposed tax cuts are implemented, it will significantly boost the economy.
3 comments:
TRUMP ! TRUMP ! TRUMP ! :D
Imagine Hillary would have won.. omg haha
I am almost confident that Trump is just playing with the Democrats. He first thought about running for president in 1980s. On his first network interview - which you can watch online - he joked about it even. In later interviews he became more and more clear about his wish to run, and his message has been consistent for 3 decades+. Don't believe me? It's all in the public. But, he has played dirty - that much is true. I believe we have a president who is extremely gifted.. a bit shady, yes, but not more than Clinton. I would argue less. And I am almost confident that he will release his tax returns if necessary, and there will be bombshells, namely he has thought 3 decades ahead and likely secretely has donated money to lots of charitable organisations.. he will use this if all else fails.. as get out of jail card sort of thing :) I'm not saying hundreds of millions, but enough to change whatever narrative the left throws at him next haha so far we had:
1. Nazi/Hitler (despite him having Jewish relatives and according to Israel's PM being the strongest partner Israel had in a generation)
2. Racist (despite multiple co-workers debunking it and many reforms, like the first step, that even Van Jones hailed at CPAC. Didn't know? Well maybe stop watching CNN :) )
3. A tyrant! (despite Obama having most gag orders of all presidents and Trump literally 0. But yeah, sure :))
4. sexist! (despite him being one of the greatest female employers in NYC construction business.. well documented even Trump Tower was built by a woman, but yeah, whatever)
5. xyz.. they run out of stuff..
Meanwhile Clinton just said that she lost because of racism. Those were the choices in 2016 and today.. a party that is always the victim, and wants to divide us on racial lines and fake crimes.. and a party that's hardcore American, proud of it, and wants every American to succeed BY MERIT. One is entitlement and pandering and virtue signalling, one is politically incorrect and gets the job done.
I know who I'll vote for :D
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