Hidden Taxes: How China's Social Security Contributions Outweigh Individual Income Tax Burdens
Автор: Digging into China
Загружено: 2024-10-25
Просмотров: 2922
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On October 14, China's State Taxation Administration revealed that over 70% of individuals are exempt from paying individual income tax (IIT), with most taxpayers earning above 1 million yuan annually. While it appears that China has achieved common prosperity, statistics indicate that many low-income groups struggle, with 600 million earning less than 1,000 yuan monthly. The IIT threshold increase in 2018 reduced the number of taxpayers significantly, yet many workers remain outside the tax system, often due to cash payments or informal employment. Furthermore, the government's reliance on rising social security contributions, which outpace wage growth, raises concerns about the true financial burden on citizens, revealing a complex tax landscape where hidden costs often exceed visible taxes.
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