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China’s wealthy are to pay more taxes

China’s top earners are to pay more taxes in the future. Changes are to be made to the way taxes are levied, as state news agency Xinhua reported on Monday. In addition, a real estate tax will be introduced on a trial basis in some regions, and a wealth tax is apparently also being discussed. According to Xinhua, the new measures are intended to “divide the pie” more fairly. The changes should lead to an “olive-shaped” income distribution structure with a large middle and two small ends, the report says.

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