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That's an average tax rate of "only" 21.6%. And not the only tax in China.
Most Chinese people do not make that much money, and thus have lower tax rates. I am talking about the income level comparable to the US.
And as I said, there is no "state tax" or "city tax" in China.
Important to note that the first 4800 RMB is tax exempt. That's US$800, and a worker making that (a pretty good wage in China) pays no income tax at all.
Most Chinese people do not make that much money, and thus have lower tax rates. I am talking about the income level comparable to the US. And as I said, there is no "state tax" or "city tax" in China.
I'm talking about belief that 21.6% is somehow an astonishing bargain. Though they used to, the top 1% in the US does not pay an average rate of 21.6% in federal income tax any more. The overall average there is about 11.5%, so most Americans do not pay close to 21.6% even with state and local taxes added in. And of course China has a great many taxes beyond an individual income tax. VAT is easily the largest producer of revenue in China with individual income taxes being well down the list.
In general terms, people who believe that we have onerously high tax rates in the US and that other habitable places exist where taxes are much less of a burden simply have no idea what they are talking about. In China and in virtually every other developed economy, a higher share of GDP is run through the public sector than is the case in the US. All of that is funded by taxes and fees.
Important to note that the first 4800 RMB is tax exempt. That's US$800, and a worker making that (a pretty good wage in China) pays no income tax at all.
The 2011 average MONTHLY income in China was about 3500 yuan. An ANNUAL income of 4800 yuan would NOT be a pretty good wage there.
By the way, renminbi (RMB) is the collective name of the currency -- analogous perhaps to British sterling or to the situation here if we were to decide that our currency collectively was to be known as "greenbacks". Although there are other subdivisions, similar to the pound or dollar the unit of account in China is the yuan (CNY). Thus, you can have 4800 CNY, but you cannot have 4800 RMB.
Historically speaking, U.S. tax rates are very low. I don't like paying taxes either, but existing rates are rather generous and increases from here would be reasonable. Especially at the corporate level.
Do not let the tail wag the dog. And you are kidding yourself if you think China has it better than us.
People in China pay way less then US in property tax, College tuition, transportation - as Chinese cities and even rural areas have much much better mass transit system then US, health care, car insurance. Insurance companies are looting American working class. Also their savings in Chinese banks give them better interest then near zero returns here.
People in China pay way less then US in property tax, College tuition, transportation - as Chinese cities and even rural areas have much much better mass transit system then US, health care, car insurance. Insurance companies are looting American working class. Also their savings in Chinese banks give them better interest then near zero returns here.
Most highways in the US are free, but almost all the interstate highways in China are toll road. Driving is ridiculously expensive in China. Toll roads around the world - Wikipedia, the free encyclopedia
"Nearly all Chinese expressways and express routes charge tolls, although they are not often networked from one toll expressway to another. However, beginning with the Jingshen Expressway, tolls are gradually being networked. Given the size of the nation, however, the task is rather difficult.
China National Highways, which are not expressways, but "grade-A" routes, also charge tolls. Some provincial, autonomous-regional and municipal routes, as well as some major bridges, will also charge passage fees. In November 2004, legislation in China provided for a minimum length of a stretch of road or expressway in order for tolls to be charged."
The worst thing about America is the high medical cost because of the monopoly of big medical corporations. Lack of public transportation is another undesirable thing. Higher education is a scam in the U.S.
But everything else is far better than China.
The overall tax burden in China is very very heavy, but tax system is artificially made confusing so you probably can't figure it out easily.
Important to note that the first 4800 RMB is tax exempt. That's US$800, and a worker making that (a pretty good wage in China) pays no income tax at all.
The purchase power of 4800 RMB in China is probably nearly $1200 in the U.S. In another word, if you are a young professional in China, your quality of life isn't really better than an employee in a Walmart store in the U.S.
Meat price, gas price in China are even higher than the U.S. The only thing that drives the cost of living in China relaively lower is the cheap labor. A visit to a mid-tier brothel is quite affordable, something like $50.
No, and you didn't mention spacemen landing in Cedar Rapids last week either, possibly because neither one of those things actually happened. Annual inflation in China has been running at rates of 2.5% to 3.0%.
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