Not only do they use our money to prop up their communist regime, they even implement tax cuts, to boot.
China will unveil a package of business-tax reductions next year to help the economy, according to news reports Thursday.
While China’s State Administration of Taxation plans to raise the minimum income-tax threshold, it will also lower taxes on small and medium-sized enterprises, the reports said, citing an anonymously sourced account in the Chinese 21st Century Business Herald newspaper.
The tax authority also plans to lower taxes on the service industry and high-tech companies, the reports said.
In a related move, Chinese officials also plan to continue export-tax rebates in 2010, Dow Jones Newswires reported, citing a Ministry of Commerce statement.
‘Export tax rebates’: In other words we will pay more for Chinese imports.
The adjustment involves 3,486 items from labor intensive industries such as textile, garment, toy, hi-tech and high added value sectors like anti-AIDS drugs and tempered glass. Those items account for 25.8 percent of what’s covered by the country’s Customs Tariffs.
As a commenter at marketwatch.com pointed out:
Are you saying that the Chinese will travel the world buying resources, paying with our Treasuries and in effect leaving our debt behind?
Sort of like a jilted lover going shopping with your credit card.