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Inheritance tax on rich likely

(China Daily)
Updated: 2009-03-10 07:46

It's good for a wealthy person to suggest an inheritance tax on rich people, but it's not the right time to impose it, says an article on the website www.china.com.cn. Following is an excerpt:

Chen Guangbiao, a successful businessman, philanthropist and also a member of the National Committee of the Chinese People's Political Consultative Conference, recently told the media that he would propose an inheritance tax on wealthy people.

Chen said such a levy should be at least 60 percent of their net wealth as a way to repay the society. "It's a shame to die with a huge wealth," said Chen.

Chen's suggestion has won acclaim from the public for subordinating the interests of his family to those of the public.

Inheritance tax on the wealthy people can help narrow the gaps between rich and poor, to adjust social distribution, and to help realize social justice. But the public had better not expect too quick an adoption of Chen's proposal.

For one thing, China has not yet built up a property registration system for the wealth accumulated by individuals, which poses great barriers to the new tax; for another, wealthy people still avoid paying other taxes.

(China Daily 03/10/2009 page9)