China begins to sweat as POTUS Donnie offers up new US tax plan that could harm Chinese economy…. not to mention the pressure of some sort of possible US/North Korea conflict and China has lots of thinking to do – PB/TK
Chinese media warns of ‘tax war’ after Trump pledge to slash rates – By Benjamin Haas April 29 2017
Chinese leaders are worried about Donald Trump engaging in a “tax war” with Beijing, potentially fuelling tensions between the two countries already strained by problems such as North Korea, trade and the South China Sea.
A commentary in the People’s Daily, the official mouthpiece of the Communist party, attacked Trump’s plan to reduce taxes on companies and simplify swaths of US tax code, highlighting Beijing’s fears the move could harm businesses back home.
On Wednesday, US administration officials unveiled a proposed overhaul of the tax system, reducing the number of income tax brackets and lowering the tax on corporations from 35% to 15%. Critics at home have also slammed Trump’s tax plan, calling it “basically a huge tax cut for the rich”, and some worry it could directly benefit the president, his family and member’s of his ultra-rich cabinet.
Analysis Trump tax plan could save him millions under guise of helping small businesses
The structure of the Trump Organization makes it a prime potential beneficiary – one estimate says the tax plan will save Donald Trump $65m a year in taxes
Continue to theguardian.com article: https://www.theguardian.com/world/2017/apr/29/china-warns-of-tax-war-after-trump-pledge-to-slash-rates
