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Thread: Raise individual income tax threshold or not?
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[quote=JIMMYB,422126]The Chinese public has expressed their hope for raising the individual income threshold after the State Council of PRC proposed a plan to adjust the ITT. According to an online survey on Sina.com, 38 percent citizens hope that the individual income tax threshold should be raised to CNY 5000. 20 percent require the top legislature to levy ITT on those who earn more than 4000 yuan per month. Only 10 percent think the ITT threshold should be raised to 3000 yuan from 2000 yuan. According to the statistics, the ratio of the income gap has now reached 12.66 : 1 in China. The gap between the rich and the poor has increased rapidly. The individual income tax has been levied for about 30 years but the threshold has been just adjusted two times. For a long time, the ordinary wage-earners have contributed a lot to the country’s tax revenue. Now a reform for the individual income tax is urged. [/quote]
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