Xi just sent a tough message to China’s super-rich during a top-level finance committee of the CCP, on income equity:- Excessively high income to be reasonably adjusted - Regulation for high-income group to be strengthened- Illegal income to be resolutely banned pic.twitter.com/DhrmRIgdZO— Stuart Lau (@StuartKLau) August 17, 2021
Citizenship is not the primary issue; rich people already have the whole world open to them, if they want to go somewhere, they can. No hassle for them.
But they have to have a way to make money. These are business owners in China and there are various reasons companies choose to operate in their area, with taxes being very low in the list. They want local talent, they want security, they want potential to grow… they want a whole lot of things before low taxes even comes close. It’s also a very compelling argument against the neoliberal tax race to the bottom.
So sure they can move to Malta – but they already could before Xi announced this income equity reform. Instead we should ask why did these business owners not move before? And there will be our answer as to why they will not emigrate even after this reform.
Citizenship is not the primary issue; rich people already have the whole world open to them, if they want to go somewhere, they can. No hassle for them.
But they have to have a way to make money. These are business owners in China and there are various reasons companies choose to operate in their area, with taxes being very low in the list. They want local talent, they want security, they want potential to grow… they want a whole lot of things before low taxes even comes close. It’s also a very compelling argument against the neoliberal tax race to the bottom.
So sure they can move to Malta – but they already could before Xi announced this income equity reform. Instead we should ask why did these business owners not move before? And there will be our answer as to why they will not emigrate even after this reform.