CCP’s Financial Crisis: The Golden Tax System Phase IV Is ‘Grinding’ The Middle Class

Recently, news has been posted on the Internet in China that the tax bureau will conduct tax investigations on “high net worth individuals,” that is, those with bank deposits of more than 10 million. To this end, the CCP has also set up a “high net worth individuals” administration to push through this tax audit. The state media has announced that in the future, the “The Golden Tax IV ” will adopt ingenious tax methods to collect information of each taxpayer and build corresponding extensive data modules for taxpayers’ portraits. At the same time, the ” The Golden Tax IV ” will also introduce a “cancellation of household registration tax” for the emigrant population. Which means every individual who wants to leave the country must go to the tax bureau to issue a clearance certificate of taxes before he can successfully leave the country. And, the CCP has recently imposed a high “property tax” and designated Hebei, Hunan, and Yunnan provinces as the first batch of pilot sites.

The new policy says that individuals renting out residential housing will be subject to a tax of 10%. Individuals renting out non-residential accommodation will be subject to a tax rate of 20%. However, the rental price of housing will also be subject to government guidelines, and the annual increase in urban housing rents cannot exceed 5%. The “landlord’s tax” seems to be just a transitional measure for starting a full-scale property tax in the Communist China or another name for “property tax” altogether.

Both the “landlord tax” and the tax audit of “high net worth individuals” show that the CCP is relying on the “fourth Golden Tax IV” to “grind” the middle class in the country, making them pay for the financial crisis of the CCP and sustain the life of Xi’s dictatorship.