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Inheritance Tax Draws Wide Attention
The levy of inheritance tax has been an important topic in people's discussion. According to a survey conducted by the State Statistics Bureau (SSB), most experts are for the levy of inheritance tax while nearly half of the residents are concerned about the matter.
In response to the status of increasing disparity of wealth, 74 percent of the experts thought an immediate levy of inheritance tax was necessary, and 35.4 percent of the residents expressed their wishes to know more about the tax.
The inheritance tax was aimed at the few high-income people. 56 percent of the residents expressed they didn't worry about the rate since they didn't have the inheritance that suit the levy standard. Some of them thought the rate was affordable. Among the 40 percent worrying residents, 80 percent knew nothing about the rate range while 20 percent worried about the exposure of their inheritance.
Most of the experts believed the levy of inheritance tax will contribute to the financial income of the government. Some experts thought the levying might stimulate the drop of depositing and the rise of consumption, and a few of them feared that it might affect the growth of total national income.
As a progressive taxation that adjusts people's income, the basic function and significance of the tax lies in solving disparity of wealth and boosting social equity, said industry insider. The levy of inheritance tax becomes imminent and indispensable in a socialist country as China.
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