, Columnist
There’s a Tax Ax Poised to Fall on China’s Wealthy
Beijing needs to stimulate the economy while balancing the books. Somebody has to foot the bill.
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Photographer: Jerome Favre/Bloomberg
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Meat and poison: Tax cuts for some in China are coming back to bite as levies increase on others.
The slowing economy has prompted Beijing to announce a series of reductions this year, ranging from the value-added tax on goods and services to personal income levies. The government also promised a sweeping overhaul of import duties to counter the escalating trade war with the U.S.