Monday, February 18, 2013

25,000 netizens applaud U.S. tax plans which fight Chinese corruption

25,000 netizens applaud U.S. tax plans which fight Chinese corruption

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US Anti Graft Tax PlansThe new US tax act could be China‘s latest weapon against corruption, according to many Chinese netizens.
A single blog post – entitled America joins China’s anti-corruption campaign – was reposted almost 25,000 times on Sina Weibo, China’s version of Twitter. Netizens excitedly discussed the consequences for corrupt Chinese officials with families holding U.S. green cards.
The post began: “the US is taxing nationals or green-card holders on their assets around the world.”
It continued, “handsome rewards will be given to those who report on the family assets of green-card holding Chinese officials.”
“The US welcome information from Chinese nationals – US Treasury will pay informants 15-30 per cent of tax revenue and keep their identities confidential.”
The post ended with a telephone hotline for the US Internal Revenue Service Office in Beijing.
The speculation stemmed from last month’s adjustments to the Foreign Account Tax Compliance Act (FATCA), an effort by the US Department of Treasury to curtail tax evasion through the avenues of foreign financial assets and offshore accounts.
Under FATCA rules, US taxpayers – including green-card holders – with specified financial assets that exceed certain thresholds must report to the Internal Revenue Service (IRS).
Financial institutions in partnership countries must also identify and classify all clients. It is still an ongoing process due to the complex classification system.
In addition, the IRS Whistleblower Office pays informants up to 30 per cent of the additional tax collected with information on FATCA violations.
While the rules are supposed to target US citizens, they become the headache of many wealthy mainland Chinese who hold an American passport. More of them are thinking about renouncing their US citizenship.
Many netizens enthusiastically replied with positive comments. “Such a clever act! America will gain fame and fortune by this,” one said.
“The globalisation of anti-corruption,” wrote another.
A third said: “Corrupt Chinese officials will certainly choose to pay money to the US Treasury, rather than to pay their lives by staying in China.”
Source: SCMP – “Netizens applaud US taxation plans amid concerns about corruption in China”

About chankaiyee2

Author of the book "Tiananmen's Tremendous Achievements" about how talented scholars with moral integrity seized power in the Party and state and brought prosperity to China. Doing Justice to Tiananmen Protests While America has had justice done by killing Osama bin Laden, justice has not yet been done to Tiananmen Protests in China. In order to do justice to that great event in Chinese history, the author wrote this book to reveal Tiananmen's great achievments. A Revealing Book on Intellectuals' Coup that Has Brought China Prosperity With the help of the pervasive fear given rise by Tiananmen Protests throughout the Party, talented Chinese intellectuals have accomplished a coup to take control of the Party and state and are thus able to bring prosperity to China. Being ignorant of that coup, people outside China are puzzled how a communist autocracy is able to make such tremendous achievements. A Book that Refutes Tiananmen Butcher's Justification of the Massacre As even people inside China are not aware of that silent peaceful coup, Li Peng, the notorious Tiananmen butcher, tries to argue that China's prosperity years after Tiananmen justifies the massacre. The author points out that before Tiananmen the Party had a track record of bringing disasters to China for two decades and though Deng Xiaoping's reform began to bring prosperity, there were insurmountable obstacles to the reform. A Book on Tiananmen's Contribution in Overcoming Insurmountable Obstacles to the Reform China' prosperity now has been brought about by the reform capitalist in nature, which Li Peng and the vast number of conservatives from top to the bottom in the Party fiercely opposed. They had brought down Hu Yaobang and were trying hard and almost succeeded in bringing down Zhao Ziyang before Tiananmen Protests in order to put an end to the reform. It was Tiananmen that enabled Jiang Zemin who was able to carry on the reform to rise to the top and it was the pervasive fear of collapse given rise by Tiananmen that helped Jiang and his Shanghai faction of talented intellectuals to succeed in their coup to substitute intellectuals' dominance for workers' and peasants' dominance and thus overcome the insurmountable obstacles. A Book on How Intellectuals Wanted to Fight Back during the Cultural Revolution Emergence of a new generation of talented intellectuals with moral integrity; Their secret meeting in preparation for seizing power; Renaissance of Confucianism; Intellectuals having been persecuted were hardened and united and anxious to fight back. A Book with Lots of Interesting True Stories on China' History, Especially its Darkest Era The author tells interesting stories on the following, which, though interesting, are what have really happened as he wants it to be a book of history instead of a fiction: Illicit prostitution and rampant crimes due to serious unemployment; Rusticated youth's successful hunger strike for going home 1978-79; Secret society of peddlers; Youngsters becoming thieves, robbers, gangsters; A scholarly gangster leader; Scholars' revenge by whipping a king's corpse and assassinating an emperor, etc. A Book on China's Route to Democracy Quite a few people are disappointed that there has been no campaign for democracy of a substantial scale in China since the massacre. The author, however, points out China's traditional Mencius democracy is being established and may absorb the advanced factors in Western democracy.

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