Friday, January 28, 2011

China to Implement Property Taxes

China's State Council has announced that some cities will be allowed to implement  property taxes. Shanghai and Chongqing are expected to be among the first that will introduce such a tax.

Needless to say, this is another march in the wrong direction. The last thing an economy needs when it is going into an economic downturn is higher taxes. Higher taxes are never a good idea, but it truly bleeds a stagnating economy.

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