Chinese authorities are demanding wealthy individuals and companies double-check their taxes for unpaid liabilities in a move that threatens to further dent investor confidence in the world’s second-largest economy.

If rich people can’t pay taxes, they shouldn’t be investing.

“China’s fiscal deficits have reached a tipping point,” said Gary Ng, a senior economist at Natixis. “There is more urgency to find alternative revenue sources . . . and taxing the wealthy and some companies creates a less direct economic impact on most residents.”

Economists should be sent to Mars tbh

i know i’m being a but i despise the term ‘taxpayer funds’/‘taxpayer money’. besides being completely wrong in nearly all cases, it places taxes above the people, above labor.

‘American taxpayer is paying for the genocide in Gaza’. No, every person/entity using U.S. Dollars is paying for it. Even foreign countries are indirectly paying for it.

if you want the mainstream perspective look up ‘quantity theory of money’. from that it follows, less spending means less money and less inflation. so, spending rules reduce inflation by constraining the Government (but not commercial bank lending).

it can be true (sometimes), if you leave the economy with massive unemployment due to insufficient spending so that people don’t have money, it slows down and eventually shrinks but hey atleast there is ze price stabilité.

if you want non-mainstream macroecon books, these two ones I have read and can recommend. 1 2

The profits being made on those assets aren’t being kept for Russia to use in the future. They’re now being used to fund Ukraine

Rachel, Where do “profits” on these assets come from? These aren’t corporate bonds but Government bonds. The Governments (US, UK and others) are paying the defence contractors using public money.

If there were no Russian foreign reserves being stolen, would the west not have sent weapons to Ukraine? Of course not! The weapons manufacturers have to make profits, it would come out of a different Government account.

They are making excuses to make it look like the public isn’t paying for it.

🦙Nooo

Nearly drowned once falling into a lake and not knowing how to swim. I didn’t think about death, it was more “how do I get out”. Luckily someone else got my hand.

Its an ancient argument and your answer is correct.

There is no cock check at restroom doors anyone can enter.

France’s public-sector deficit is projected to reach around 5.6% of GDP this year and go over 6% in 2025. The EU has a 3% limit on deficits.

oh no, not even Germany follows that deficit limit, its literally a number they pulled out of their asses to fuck up welfare systems. fucking BBC

Oh no not the Putler. Will US sanction Israel then?

I hate ycombinator but here:

https://news.ycombinator.com/item?id=36873927

That video is the kind of shit Hindutva fascists would come up with.

Still a pretty good deal

It’s nice and all but none of the benefits are going to Indian people.

The Indian oil corps (state owned or otherwise) resell it to other countries or sell it domestically at a markup over INTERNATIONAL prices. And the Government adds a tax on top, just pure brilliance.

Capitalists demand “fiscal prudence” so instead of raising taxes on the rich, they squeeze more purchasing power out of the poor. Really stupid.

You could put it behind an elitist wall. How do you get in? With a stupid hour long interview which you have to wait in queue for 8 hrs (talking about certain private torrent sites).

But really, I don’t care. LLMs can’t replace real online forums.

They can’t do anything because the Government works for the oligarchs. They can’t increase taxes or raise fiscal deficits because foreign investors might get mad and refuse to lend Dollars to the oligarchs.

So, their solution is denial or using neoclassical garbage to blame welfare recipients for not wanting to work.

i disagree, U.S. is plenty capable, third most populous country, vast resources, its political system needs a purge . i would love to see actual competition between China, Russia and the U.S. it would be the best for the Global South but instead we have the U.S. and the west strangling the Global south through its institutions like the IMF.

USSR helped Global South countries tremendously, something which worried the US and forced it to provide economic aid to its own puppets.

Therein lies the crux of the situation. On one hand she is absolutely right. As in Africa, Global South countries are reacting to economic outreach from China and Russia because a) they need it and America (private nor public) isn’t in the game and b) help from China and Russia doesn’t appear to come with as many strings as U.S. assistance might demand.

it would be funny if they help global South countries build up productive forces, but that goes against everything U.S. is about. America doesn’t even have a domestic Marshall plan.

Kier Stalin, run the fascists over with tanks.

Jk he only uses state violence against anti-genocide protestors.

In May, officials unveiled the biggest rescue package yet. It contains a 300 billion-yuan ($42 billion) central bank fund that attempts to help local governments buy finished but unsold homes and turn them into subsidized housing.

Separately, the IMF warned of “significant downside risks” to China’s inflation outlook, saying “a negative domestic demand shock amid high debt levels could trigger a period of sustained deflation.”

Does it tough? Why would aggregate demand collapse because of real estate developers going bankrupt? They make up a small part of the population and hoard more of their wealth. Also, very funny that IMF only cares about private debt buildup when it affects the .

Where is the concern for a demand shock when you pressure Kenya and Nigeria into raising sales taxes, which has much greater impact on aggregate demand?