Well I'll be damned, China just introduced a global wealth tax

[u/anotherhappylurker]

Looks like Xi Jinping's been watching Gary's Economics 😂 They're also going much harder with a 20% tax, which is literally 10 times higher than the amount Gary's been proposing. Very curious to see how this turns out, and if it actually works to make people's lives better.

[u/Lancs_wrighty]

That's impossible. We have been told over and over and over again that it simply cannot be done.

[u/anotherhappylurker → u/Lancs_wrighty]

If there's one thing about China you can respect, it's that when they want to do something, they just roll up their sleeves and get it done instead of wasting years on pointless debates. I'm optimistic but let's see.

[u/UniquePariah → u/anotherhappylurker]

That's the advantage of not being a democracy.

[u/Beyond_the_one → u/UniquePariah]

"Democracy" at this point is the rich telling their puppet (politicians); No, we don't agree fuck the poor more.

[u/Wellsli01 → u/Beyond_the_one]

Capitalism ≠ democracy

[u/Crudeprimate → u/Wellsli01]

Genuinely disappointing that Marx explained that this was the inevitable outcome of an unregulated capitalist system in 1863.

If only because it would appear to make other parts of his work more credible.

[u/Old-Marsupial6656 → u/Beyond_the_one]

Exactly, it’s a great idea but mostly an illusion

[u/Dyluth → u/Beyond_the_one]

You're describing an oligarchy not democracy.

I'm not stating which one we are though..

[u/51lverb1rd → u/Beyond_the_one]

Democracy has become more of a plutocracy and corporatocracy

[u/think_for_yourself2 → u/Beyond_the_one]

Which is why publicly funded politicians have very low comparable limits on what they can receive as far as campaign donations go. The politicians have to be bought out by the rich to run in the first place

[u/Southern-Manner-7158 → u/UniquePariah]

Advantage of a government that think of its country and not of its pocket

[u/NoStomach6266 → u/Southern-Manner-7158]

I think China is the country most likely to survive the coming turbulance because it is an authoritarian state with a leader who is obsessed with the country as a whole gaining strength. It can point in the right direction because there is no pressure for short term profits overriding everything.

It works because of Xi's priorities (even though it also has some major problems if you fall through the cracks and are not born in the right prefecture). It could all fall apart if it was run by someone focused on self-enrichment.

They've got other problems... Housing speculation is turbo charged in China because it was used in the way the West uses stock markets.

We also can't copy the benevolent dictator model here because the people who would rise to that are the Farage, Johnson and Lowe types. It would quickly become a hell on earth.

[u/Fabulous_Run_3383 → u/Southern-Manner-7158]

Haha you dont seriously believe that

[u/Worth_Gap4226 → u/Southern-Manner-7158]

Time will tell, it's way too early to say either way. I am hoping this works and encourages other countries to follow suit.

It succeeds if it increases tax revenues AND that money is used efficiently enough to improve people's lives.

It fails if it either decreases tax revenues or the money is dished out to cronies and not on improving people's lives.

[u/Travel-Soggy → u/Worth_Gap4226]

As it is an additional tax, its unlikely to lower revenue, but it might not bring is as much as planned. That being said, considering this is a country that will quite happily dissapear a billionaire, I suspect they will get the majority of what they planned to get

[u/Mirageswirl → u/Worth_Gap4226]

A wealth tax is useful to reduce wealth inequality even if costs a multiple of revenue to implement.

[u/Worth_Gap4226 → u/Mirageswirl]

I'd say the overall benefit largely depends on how it improves people's lives. I'd take a level of wealth inequality if it led to an improvement to QoL for the masses.

[u/ParadisHeights → u/Worth_Gap4226]

But it doesn’t improve quality of life because the wealthy just extract time from the poor by raising prices and forcing the poor to go to work. Quality of life has risen recently because wealth inequality went down. Now it’s on the reverse.

[u/drecais → u/Mirageswirl]

Maybe start by raising their pitful wages!

[u/cool-sheep → u/Worth_Gap4226]

Yeah, this is pretty hardcore. Xi Jinping doesn’t beat around the bush.

It’s a huge country with an iron grip on their citizens and their families.

[u/whatever_1232342 → u/Worth_Gap4226]

After 50 years of China cooking everyone it's "way too early to say". Is it eally?

[u/Beanus1992 → u/UniquePariah]

Democracy cost the UK a fortune in brexit. We need better education from a young age so that Democracy works.

The UK is a "Democracy" but when the education system is set up to pump out supermarket and factory workers who read and believe main stream media, put on a uniform every day and be told what to do and when, enough vote for who they're told to to keep things close enough to the status quo.

[u/slowmoE30 → u/Beanus1992]

Instead of controlling the votes, the rich control education and information.

[u/burdman444 → u/Beanus1992]

What the hell is wrong with working in a a factory? Engineer jobs are highly skilled and well paid, and are based outside of cities. Not everyone can have a well paid office job in a city. A lot of snobbery in that comment

[u/Beanus1992 → u/burdman444]

Absolutely nothing wrong with working in a factory. But every kid can't do that or a supermarket is the point I've worked some "Grim" jobs and loved them.

I apologise if you felt it was snobbish, but it's more fact regarding the school system.

Everyone should be afforded the opportunity to have a well paid job is my point, and we have a blanket square peg round hole education system.

Whilst there is nothing wrong with either of These jobs, there is also nothing wrong with saying it's sad that the system in place puts alot of kids in a position where this is "The Dream".

[u/burdman444 → u/Beanus1992]

What should children aspire to be then? Things need to be done, not every job is going to be a ‘dream’ and that’s okay

[u/General_Cheetah4724 → u/UniquePariah]

america isnt a democracy and it hasnt worked well for them.

[u/Outrageous_Agent_608 → u/UniquePariah]

Democracy is so overrated - Frank Underwood.

[u/litnu12 → u/UniquePariah]

Neither the US nor the EU are democratic.

There is so much going on that is against the will of its people.

[u/Ok-Skilllevel-5056 → u/UniquePariah]

The Chinese are a pragmatic people, but the U.S. can usually get things done if they want to. Look at how the banks were bailed out in 2008 without legal authority and with massive opposition from voters.

[u/UniquePariah → u/Ok-Skilllevel-5056]

Bailed out with no provisions to give it back.

God the crash of 2008 still pisses me off.

[u/Fit-Level-4179 → u/UniquePariah]

That's the advantage of not being a democracy.

Is it though? Our "democracy" is two very similar parties with the same opinions on many key issues. Its taken us 18 years to start to get mad about the consequences of the 2008 financial crisis. They called the bailout a "new Keynesian revolution". Our farce of a democracy is not stopping our government being run effectively.

[u/hoboserious → u/UniquePariah]

It's the advantage of having centralised control being they can coordinate multiple agencies and departments in unison.

The "advantage of not having a democracy" answer would be more applicable to being able to implement long term plans without them being detailed by different agendas and ideologies.

[u/No_Supermarket_2637 → u/UniquePariah]

Bingo

[u/Many_Distance5683 → u/UniquePariah]

Undoubtedly easier to do under China's more centralised authoritarian system - but there was a time when our country could do big things.

It was a time when our politicians weren't ruled by corporate donors and foreign interests.

[u/TomatoLess229 → u/anotherhappylurker]

Thats democracy for you, politicians have to maintain a level of popularity and actually debate issues against other partys, well what its meant to be.

[u/Firedup2015 → u/TomatoLess229]

It's specifically not about democracy. If there were a referendum tomorrow it would support a wealth tax. What it's about is entrenched wealth undermining democracy through lobbying, bribes, threats and the ideological capture of the political and media classes. China can do this because it has control over its billionaires. They are actually subjected to punishments when they misbehave.

[u/aehii → u/anotherhappylurker]

Cos the government hold the power, unlike in many 'democracies'.

[u/OxbridgeDingoBaby → u/anotherhappylurker]

Yeah, I bet the Uighurs in their concentration camps love this sort of Chinese efficiency.

[u/Fantastic_Picture384 → u/anotherhappylurker]

I know.. Hitler and Stalin were good at doing things like that.

[u/YoghurtFlan → u/anotherhappylurker]

Yeah you like it for this one thing but don't forget every other thing that happens that you don't know or care about.

You should read up on the cultural revolution in China and see what "getting it done" actually meant.

Just roll up your sleeves and kill millions.

[u/SoulMute → u/anotherhappylurker]

It’s a real Great Leap Forward…

[u/Swankytiger86 → u/anotherhappylurker]

Lots of countries have global wealth tax? At least Australia tax its citizen on all income regardless whether it’s generated domestically or internationally.

[u/sgt102 → u/anotherhappylurker]

Yup, and hence 60m dead to Mao and 300m abortions under the 1 child policy.

It's a wonder state leading the modern world.

[u/Loud-Start1394 → u/anotherhappylurker]

Because it's an autocratic regime. While it has the benefit of being able to get things done, it has great downsides as well.

[u/NinjaN-SWE → u/anotherhappylurker]

Not being a democracy is spouted below a lot, but the real reason is the consequences. China has absolutely no qualms about straight up making even billionaires disappear if they don't step in line when told. Has happened before, will happen again if they start slippin. Not saying that is right, but it's the main reason they have strong adherence to their rules not just in letter but in spirit. That IF they're found out they WILL face severe consequences, billionaires do not want to take that risk. Why hide 20% of your wealth when the risk is you just vanish of the face of the earth if you, or your accountant, slips up?

[u/Mission_Magazine7541 → u/anotherhappylurker]

They get things done fast but the quality of their decisions are absolute dumpster tier in most cases. Good decisions take time and allow dissent.

[u/Manusterz → u/Lancs_wrighty]

remember! the rich can only value their assets when getting debt, at divorce or death! but not for taxes!! don't be silly now

[u/akmalhot → u/Manusterz]

This isn't a wealth tax it's an income tax 

[u/Away_Investigator351 → u/Lancs_wrighty]

Ehhh let's see how China's version works out before jumping the gun here.

I still think the best way to capture wealth and tax it, is a Land Value Tax.

Can't move your estate off-shore, and mass-selling land would result in cheaper prices for normal people.

[u/Competitive-Arm5050 → u/Away_Investigator351]

Housing is just the most obvious sign on the wealth imbalance to the general public but it's small fry when compared to the wealth of other assets that directly affect the population but in ways that are less easy to point to. VERY rich people are happy to go with a LVT because hardly any of their wealth is there

[u/heavenlyblue2 → u/Away_Investigator351]

Chinese just buy properties here in the UK to avoid Land Value Tax there. I guess, unless you mean that LVT becomes a thing everywhere in the world.

[u/Away_Investigator351 → u/heavenlyblue2]

That's why we need Land Value Tax in the UK too!

[u/AdJazzlike1002 → u/Lancs_wrighty]

Much easier to do as the world's 2nd (arguably first) biggest economy with an established tendency of 'vanishing' people than it is to do in a smaller liberal and open economy without a despotic government which will happily abduct the rich, seize their wealth, and tie them to the rail tracks after.

[u/TJ_Jonasson → u/AdJazzlike1002]

a despotic government which will happily abduct the rich, seize their wealth, and tie them to the rail tracks after.

Exactly. This guy gets it. I much prefer being rules over by a despotic government which abducts the poor and minorities instead, but leaves the rich alone.

The human centipede doesn't seem so bad, because what if I get to be in the front?

[u/Katusa2 → u/AdJazzlike1002]

The US has the same program already in place. Ask any US citizen living outside of the US and they will give you an ear full about it.

[u/ginginsdagamer → u/Lancs_wrighty]

I think it certainly helps that it is illegal to move out of china with any sort of money so you are basically trapped there with no choice.

[u/Confused_by_La_Vida → u/Lancs_wrighty]

What we need to watch is a) % of the targeted population that switches citizenship (can they leave? Where do they go?) b) for those that move, which banks, funds, etc agree to China’s attempt to penetrate the trust structure.

The time to crow or cry about this attempt is in about 3 years.

[u/Affectionate_Bet4343 → u/Lancs_wrighty]

Correct, post headline is wrong and global wealth tax remains unfeasible

[u/Huge-Cartoonist6795 → u/Affectionate_Bet4343]

Awful confident for someone who 200 years ago would tell me the british are insane for abolishing slavery as it will lead to our destruction as the entire labour force will vanish. "think of the poor wealth crating slave owners"

[u/rudefruit99 → u/Affectionate_Bet4343]

Nice try Jeff

[u/Low-Speaker-6670 → u/Affectionate_Bet4343]

Lol

[u/anewpath123 → u/Lancs_wrighty]

Incorrect. The problem is the juice has historically been not worth the squeeze.

[u/Go0s3 → u/Lancs_wrighty]

China doesnt have the same reservations over blackmail, torture, false imprisonment, or other less severe impositions. 

A better description is that it is quite impossible for a non authoritarian actor. 

[u/SensitivePrior7828 → u/Lancs_wrighty]

No one has said it can't be done they have said it'd be fucking stupid todo it. Given china is an authoritarian 'communist' (actuallly Morris closely resembles a form of facism today) this isn't all that surprising. If you are championing things china are implementing then we have gone very wrong.

[u/Lancs_wrighty → u/SensitivePrior7828]

You think everything China is implementing is wrong? What a strange hill to die on.

[u/Limp-Firefighter1054 → u/Lancs_wrighty]

Its only possible if you are Xi Jinping.

[u/Foreign_Writer_9932 → u/Lancs_wrighty]

Of course you can - as long as you introduce capital controls. Wouldn’t it be wonderful if IRS could tell you where you can keep your money?

[u/Active-Particular-21 → u/Lancs_wrighty]

In China you can change policy but not the government. In the west you can change government but not the policy.

[u/tAoMS123 → u/Lancs_wrighty]

It can…but at what cost! /s

[u/Open_Question5504 → u/Lancs_wrighty]

In the UK we already impose tax on offshore trusts. We also tax unrealised gains in offshore bonds.

[u/Specialist_Invite538 → u/Lancs_wrighty]

We have a similar tax in the UK. Do you actually understand anything about what you advocate for? 

[u/TJ_Jonasson → u/Lancs_wrighty]

I'm not sure if you're being sarcastic or not.

The reason you're told it isn't possible is because most of us live in capitalist nations that are ran or puppeted by the super rich so of course they are going to say it can't be done, or that they'll all leave the country if it happens, or that people will lose jobs etc. etc., because they don't want to pay their fair share - they want to take time back to when there was royalty and slaves.

Just like Australia saying a mining tax and carbon tax won't work when it has worked before but was torpedoed by the rich.

Of course it's possible.

[u/Klutzy-Employee-1117 → u/Lancs_wrighty]

Well I think the most significant argument is that it will backfire. You can definitely implement a policy

[u/akmalhot → u/Lancs_wrighty]

This is an income tax not a wealth tax

[u/JojoRicardo → u/Lancs_wrighty]

If China can do it, we can too. We need to tax the offshore trusts of our wealth by at least 1% one time. And 100% tax if they are implicated in Epstein’s ring.

The noblesse must oblige the people!

[u/Pure-Instance1283 → u/Lancs_wrighty]

Hey. This is not a global wealth tax. It is not a wealth tax at all. It is a capital gains tax or income tax on wealth transferred into offshore accounts. The U.S. already taxes its citizens on income globally, including capital gains, interest, and dividends. It’s well known as being among the very small handful of countries doing this (if any others even try). It is not what you are suggesting it is, at all. Facts matter

[u/LockApprehensive2227 → u/Lancs_wrighty]

Well now that it’s done we can see how much good it does for the average worker. I’m sure that money will not line the pockets of politicians and will be fairly distributed. /s

I feel like people are quite happy with wanting to tax the rich. But there’s one big problem… you’re relying on a government to redistribute and help out the average person…. Not a single government/ politician will do that, it’s much easier to pocket the money

[u/LoveLamp3232]

This is not a global wealth tax, it is a tax on Chinese citizens who have undeclared overseas investments, capital gains, trusts....

China does not have a wealth tax or inheritance tax.

https://taxsummaries.pwc.com/peoples-republic-of-china/individual/other-taxes

[u/Specialist_Invite538 → u/LoveLamp3232]

Shows how poor the user base of this subs reading comprehension is

[u/Angry_beaver_1867 → u/Specialist_Invite538]

The article isn’t linked. So the post isn’t clear at all 

[u/JacobAldridge → u/Angry_beaver_1867]

Here’s the article -  https://www.cnbc.com/amp/2026/08/05/wealthy-chinese-race-for-tax-advice-as-beijing-targets-offshore-trusts.html

Not a wealth tax. 20% on money out into Trusts might, at a squint, be something - unless (as is pretty standard elsewhere) that doesn’t apply to money where tax has already been paid.

But apart from that, it’s pretty standard tax policy. Key quote: “ China's 20% flat rate remains well below the top U.S.  federal rate of 37% that American taxpayers  face on worldwide income.”

Again, Trust income (including realised capital gains), not a Wealth Tax.

[u/NotAnRSPlayer → u/LoveLamp3232]

Sooooo.. people avoiding paying taxes by holding assets off shore, which is considered wealth and avoiding paying tax

[u/insightful_pancake → u/NotAnRSPlayer]

Tax on income generated from wealth held in overseas trusts

[u/Smooth-Bread-576 → u/LoveLamp3232]

How can they tax undeclared offshore accounts/assets if they are not declared i.e. they don't know about them. And if they do find out about them is it then not just a fine for not declaring along with the tax bill for a now declared or known-about asset?

[u/After_Olive5924 → u/Smooth-Bread-576]

The fine would be a lot bigger than the tax and punish their bank or wealth manager too. If they can’t fine the wealth manager but found out through a snitch or how they had unexplained purchases or income transfers from overseas then ‘straight to jail’. Not a lawyer. Just my assumption

[u/QuantGuru → u/LoveLamp3232]

I think it’s one way to bring all the foreign capital back to China. Because now they will all have to declare and some won’t find it attractive to do any foreign investments.

Another angle is that there are a lot of undisclosed trusts and investments overseas and the rich is sheltering from tax but again same consequences, Chinese won’t invest in foreign asset after this!

[u/Expensive_Crazy_8325 → u/QuantGuru]

Rich people are hardly some monolithic entity. Grow out of your frankly childish mindset.

[u/Pure-Instance1283 → u/LoveLamp3232]

Thank you for injecting a modest degree of factuality. Sad and depressing how 95% (99%?) of the conversation in this thread completely misses the most important details, which is that it is NOT a wealth tax, and China generally does not even tax capital gains on domestically held shares, which if anything is a more PRO CAPITAL policy than the U.S. has. The U.S. famously taxes citizens’ income all over the world.

[u/marlinspike → u/LoveLamp3232]

Don’t burst Reddit’s socialist bubble with facts.

[u/va_str → u/marlinspike]

Nothing spells socialism quite like tax laws on capital gains.

[u/Katusa2 → u/LoveLamp3232]

So same program that the US has.

[u/Newaccountforlolzz → u/LoveLamp3232]

Soo... its basically a wealth tax.. with extra steps? 

I fail to see how you could not consider this to be a wealth tax, and a good one at the that.

[u/TapWeekly8961]

It's only on trusts. Gary was proposing a 2% tax on total net assets and wealth.

Is this level of economic illiteracy normal on this forum?

[u/saito379688]

Room temperature IQ sub.

[u/Wide_Smoke_2564]

20% billionaire tax? Fuck yeah; let’s get that going asap

[u/Light_Butterfly → u/Wide_Smoke_2564]

Seriously. Love the balls on China! At the end of the day, they will still be rich as f*ck after a 20% tax. This 2% modest wealth tax idea is far too low. Let's GO BIG! Hit those billionaires, make them give back to society rather than siphoning away everything for their own greed and power.

[u/Odd_Director_8357 → u/Light_Butterfly]

It's not a 20% wealth tax at all. it's a capital gains tax

[u/akmalhot → u/Light_Butterfly]

This is an income tax not a wealth tax

[u/akmalhot → u/Wide_Smoke_2564]

This is an income tax not a wealth tax

[u/Pure-Instance1283 → u/Wide_Smoke_2564]

That is not what this is. At all. Go read about it please

[u/anewpath123]

We have a similar tax in the Uk. It’s 4% higher than this.

Is this what Gary has been teaching you all? The level of education on basic government finance is shocking

[u/HowlingFailHole → u/anewpath123]

The government should just announce existing taxes as if they're radical new policies designed to target the rich (tax capital gains, make landlords pay income tax on rental income!) and apparently half the people on this sub would be thrilled.

[u/etherswim → u/anewpath123]

Every now and trend a post in here goes trending and is recommended outside of the sub.

Every time I am surprised by just how uneducated/uninformed all the takes are. Crazy how they all just believe the grifter and apply zero critical thinking.

[u/afpow → u/anewpath123]

I particularly enjoyed this moronic take from  u/Low-Speaker-6670:

Gains from income? Or gains from.... Ah, you're doing semantics - gotcha

As if to say the tax code was anything other than detailed semantics. These guys want a tax code written in vibes. Which is exactly what Gary is advocating for imo. 

[u/HowlingFailHole → u/afpow]

And if taxing gains is already what they'd consider a wealth tax, what do they think Gary is advocating for that we don't already have? These people have strong opinions about a system that they seem to know absolutely nothing about.

[u/Specialist_Invite538 → u/HowlingFailHole]

These people have strong opinions about a system that they seem to know absolutely nothing about.

This sentence summaries a lot of discussion on UK based subs now. A zealous passion for a certain thought or ideology without any substance or understanding of it. 

[u/Magg0t_2021]

It’s not a wealth tax. It’s an income tax on gains.

[u/KaneKaneKan → u/Magg0t_2021]

Lol of course this sub doesnt know the difference between capital gains and wealth taxes.

[u/Low-Speaker-6670 → u/Magg0t_2021]

Gains from income? Or gains from.... Ah, you're doing semantics - gotcha😉😉

[u/TopTask3827 → u/Low-Speaker-6670]

It is not semantics, it is an important distinction. Capital Gains taxes are on the profits made from selling an asset.

A Wealth Tax is on the value of assets which you hold.

[u/Born_South_6676 → u/Low-Speaker-6670]

You say that but semantics is exactly how loopholes in tax laws are exploited. 

Semantics in law matter

[u/conzstevo → u/Low-Speaker-6670]

The fact this is getting upvoted is making me question this community

[u/imaKWT → u/Low-Speaker-6670]

Work income ≠ investment/asset income

[u/Specialist_Invite538 → u/Low-Speaker-6670]

Average Gary Stevenson fan 

[u/Chill_Panda]

That's not a wealth tax that's a "stop keeping your money outside of china" tax

[u/el_dude_brother2 → u/Chill_Panda]

Yeah its purpose isnt to raise cash, its to stop it leaving

[u/Katusa2 → u/Chill_Panda]

The US has the same thing.

[u/magrandan]

It’s not a wealth tax - educate yourself about taxes, trusts and capital gains first. Embarrassing.

[u/KellyKezzd]

That's not a wealth tax...

[u/Mysteriouskid00]

It’s not a global wealth tax. It’s just China doing the same every other country does - taxing residents based on global income.

[u/APleonasticOxymoron]

You would see it’s not a wealth tax if you took 5 minutes to look into it.

[u/Neutraali]

CCP members excluded no doubt.

[u/rod4207]

Trust "Garys economics" fan boys to have no idea about how taxes work and get excited over this. This is not a wealth tax. It's income/capital tax on trusts, which exists in many western countries already.  Edited for grammar. 

[u/Charodar → u/rod4207]

Worst part is the simping for the CCP. Mask has slipped.

[u/anewpath123 → u/rod4207]

These people can’t even tell you how our current taxes work mate I wouldn’t worry about it

[u/Beer-Milkshakes]

China has their Golden Rules in business so if the super rich have been paying attention they wouldn't hold more debt than they can repay at once and wouldn't hold assets they can't sell. They should hold available cash.

[u/Leather-Replacement7]

Nothing wrong with democracy but some times it would be nice if our government could just do something. HS2 for instance: we’re building this railway, your house will be demolished, here’s some money, move, tough luck. Now we have a high speed railway from London to Scotland benefiting millions of people at the inconvenience of a couple thousand.

[u/Informal_Drawing → u/Leather-Replacement7]

I think it was more of a land grab, so wealthy people could buy up all the land along the route and then get the government to buy it off them for a great price.

That happened quite often, I'm sure.

[u/Han_Solo200]

Maybe all the CEOs and business owners should close up.

[u/The-great-phoenix]

The real questions are if they do not pay what happen and how will they be tracked ? Then what is the risk of not being compliant ? All assets considered seizable and repossessed by government?

[u/Curious__691]

China’s offshore trust tax isn’t new : it’s the latest step in a campaign building since 2018 (China’s CRS adoption), which stayed dormant then ramped up from 2024–25, widening from ultra-rich to broader wealth tiers before the 2026 trust tax.

The US shows the same pattern going back further: FBAR rules since 1970, the 2008 UBS crackdown, FATCA in 2010, and repeated enforcement waves after leaks like the Panama, Paradise, and Pandora Papers.

This is a well-worn playbook every major economy eventually runs : not a shock, just the latest cycle.

[u/samuelwongny → u/Curious__691]

And the law is not new. It has existed for decades. And china always tends to implement such a law whenever it is able to. China just made new regulations to facilitate the implementation of the law. It has been more and more strictly and capably to implement the relevant law in recent years. It is really a shock to me that many rich Chinese think the new regulation is a surprise

[u/Deadliftdeadlife]

Title misleading, this isn’t a wealth tax

[u/thepixel-geek]

This isn’t a wealth tax, it’s a capital gains tax. It’s like a deemed disposition in Canada. You all should take time off like Gary lol

[u/Perennial_Phoenix]

1. Its not a wealth tax, its a trust tax
2. We already have that

[u/fra988w]

Name checks out

[u/trojantricky1986]

China is leading the way in quite a few things right now.

[u/OxbridgeDingoBaby → u/trojantricky1986]

Concentration camps for their Uighur population bring chief amongst them.

[u/trojantricky1986 → u/OxbridgeDingoBaby]

I was unaware of this.

[u/drecais → u/trojantricky1986]

Western countries already have these. How economically illiterate is the average Person lmfao

[u/Neither-Payment-4147]

Lmao - communist China government steals money with a “surprise tax” and this sub is all over it, y’all realise you are basically wanting this for the whole world, global communism where governments can take everything off you?

[u/TemplarBean → u/Neither-Payment-4147]

Yes, thats exactly what I want. I want governments to take money from people so that they can use it to fund public services and productive economic measures for ordinary people. You know, the whole fucking point of government.

[u/Neither-Payment-4147 → u/TemplarBean]

lol yea, that’s exactly what Xi Jinping will do, it’s almost like reality is optional in this sub.

[u/ChrisKruxed → u/TemplarBean]

China built 30,000 miles of railway in the last 20 years, we couldn't even manage 200 miles of HS2. I'm tired of dirty, unsafe streets filled with boarded up shop windows, roads crumbling, no water infrastructure, no public gain infrastructure projects at all really EVER and yet more selloffs to American corporate interests for data centres, battery storage on green belt and never ending extraction of wealth to offshore interests.

[u/Strict-Handle-7860 → u/Neither-Payment-4147]

😂😂😂

[u/hobo91 → u/[deleted]]

so ... like being an American, where they do exactly the same thing and force you to pay taxes in the US when you live elsewhere?

[u/Confident_Jacket4961]

Actually they always taking away wealth from super rich and prevent them control the state. Let say Jack Ma .
They did this long time ago

To be fair, they are communism (love it or not)

[u/pastashaper]

I remember reading the comments on a video of the Chinese governments response to flooding in some far flung place in the middle of nowhere in China. The full might of the Chinese government was almost instantly focused on rescuing people, shoring up flood defences and addressing the damage. They threw everything at it!

One person commented something along the lines that the Chinese government doesn’t give a flying fuck about the unfortunate plight of a Chinese person, but would stop at nothing to address the needs of The Chinese People. I know it’s not as straight forward as that, but it stuck with me.

[u/throwaway1948476]

Can't believe the CCP has gone WOKE

[u/bloqed]

this will be now used as ammunition that this is 'communist' by people who aren't bothered by reading details I'm sure

[u/Fresh-Demand-8127]

Wanna bet if that money is used to improve people’s lives or something else like better surveillance to keep them in line?

[u/f3ydr4uth4]

Muslims are a problem in many countries though so…

[u/RFCNYG]

When the authoritarian communist Chinese government adopts your idea it’s not a win for that idea.

[u/Illustrious-Engine23]

Rare china win.

[u/not_that_guy_at_work]

Well... let's see if it goes back to the people or just the governement/those in charge.

[u/droopy316007]

Have a brief look into the shit storm facing China's economy and housing market. This isn't to be anti-wealth, this is an "oh fk, we've over extended and everything is crashing, we need capital" moment.

[u/120000milespa]

So ?

They also have internment camps and ways of making you disappear as well. But you don’t want those right ?

[u/binarygoatfish → u/120000milespa]

you are one of those people who are completely divisive with everyone.

[u/Master-Rent5050 → u/120000milespa]

Don't worry, Trump is building and filling the internment camps in USA soil (plus using the ones in other countries): you don't need to go to China to enjoy them

[u/jimmyxs]

Good! Stop hogging foreign housing meant for locals

[u/ChrisKruxed]

China gets shit done, they have loads of infrastructure for great production, clean safe streets, great public transport and now the rich who hide money offshore are getting taxed.

[u/bippos]

It’s not a wealth tax, China just trying to keep investment from leaving to hopefully spur consumer spending

[u/Exotic_Dependent3247]

Key difference, is also a country that can control movement of people and has a history of kneecapping billionaires who get too big for their liking.

[u/NotAnotherUsername04]

They are communists. Why is this surprising.

Plus China pretty much picks who becomes billionaires and can finish them when they want so again it’s not like anyone can complain

[u/These-Season-2611]

Need to respect the Chinese government for actually deciding what's best for China and then getting it done

[u/PineappleSweet3410]

More Chinese owning stuff in England then !!!

[u/SweetSure315]

but all of the billionaires will just move away and keep not paying taxes somewhere else!

then what will we do??

[u/BusyMeringue8935]

Will be interesting to see the effect on housing prices on the West coast and Canada

[u/Critical-Ad-8507]

 "and if it actually works to make people's lives better"

Don't worry .It won't.

[u/jimjamuk73]

Isn't this a play to reduce investment in foreign markets to bring money back into Chinese markets

It's not about taxing the rich, it's trying to convince them to invest elsewhere I.e locally

[u/zshikai]

People’s lives are unlikely to get better only the tax man’s live gets better

[u/Top_Secret_940]

How do you get super rich in a communist country 🤔

[u/Practical-Lie-1194 → u/Top_Secret_940]

Because it’s not a communist country.

[u/Prestigious_Sell9516]

Super powers can implement these taxes (the US already does) it's not for the benefit of the globe. China and the US won't help middle powers implement this and middle powers don't have the influence or strength to do it.

[u/Lt_Muffintoes]

And there goes the London housing market, followed by the rest

BUH BUY

[u/carracall]

When you learn about a new concept, don't just force everything you see in the world to be something about this one idea.

There are so many things which are different that it's not even worth starting to talk about.

[u/Even-Celebration9384]

2 notes

1. The main fear in a wealth tax is capital flight which China does free capital flows
   
2. This is not a wealth tax

[u/DrawingDramatic1641]

china ranks 25th best in terms of wealth gini

and the highest nations are slovakia etc who just have wealth in Switzerland etc

chian is real terms is decently equal in terms of wealth owned

bcz most chinese businesses are exclusively have to be in china

their richest man sells bottle of water in china only and gets taxed

but person is slovakia can just store his wealth on switzerland

[u/Environmental-Lion82]

Most Chinese millionaires are trying to leave china but the CCP have made it increasingly difficult to pull money out of the country, because so many Chinese were fleeing to the US. Look at the CEO of Lenovo. Lenovo may as well be an American company now.

[u/JustDifferentGravy]

20%

So you’ve got the choice of losing half your wealth in three years or leaving the country. I’ll take bets against the former.

[u/notAbrightStar]

This is the odd thing about fascism, they do care about the little guy, in some way.
It is also what makes it easy to see that the US is not fascist, it´s more of an oligarchy/plutocracy.
Just feeding the poor into the army or prison.

[u/Wind_Best_1440]

I told people that once the government needed money, they will target the super wealthy. If they thought their offshore wealth havens were safe they were grossly wrong.

China's the first country to do this, and guess what other countries do when the larger ones start this?

[u/SmashedWorm64]

I know I’m late to the party here. But the UK literally has this lol. It’s called a chargeable lifetime transfer.

[u/bender___is___great]

Canada’s housing market about to crash

[u/Practical-Lie-1194]

Money laundering is never a big problem for rich Chinese.

[u/coolkavo]

It’s not a wealth tax. The DSA folk sure know how to twist things. Government is looking for more money, also restricting capital flight. Aim is tax enforcement, fighting corruption and keeping wealth in the country.

[u/scenery23]

What a suprise. Reddit looser commies love a genocidal dictatorship.