Sep 09, 2013 05:36 PM

Closer Look: Toward A More Progressive Income Tax

(Beijing) – Any news on tax reform is good news to the public.  The minister of finance, Lou Jiwei, told state media on September 4 that the next step in income tax reform is weighing family burdens, such as dependents and mortgages.

Lou's remarks were highly welcomed by scholars and the public. Although the threshold for income tax has been raised three times in the past few years, the call for more inclusive deductions continues to ring aloud. Tax deductions are a common practice in many mature market economies, and the promised reform would reduce the burden on working-class taxpayers.

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