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Crime & Corruption

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

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 with the help of Tiananmen Protests, talented scholars with moral integrity seized power in the Party and state and brought prosperity to China. The second edition of the book will be published within a few days to mark the 25th anniversary of Tiananmen Protests All the parts in the first edition remain in the second edition with a few changes due to information available later and better understanding. There are also some changes for improvements of style. The new parts are Chapters 12-19 on events in China after the first edition was published: The fierce power struggle for succession between reformists and conservatives; Xi Jinping winning all elders’ support during his mysterious disappearance for 2 weeks in early September, 2012; and Xi Jinping Cyclone. Chan Kai Yee's new book: SPACE ERA STRATEGY: The Way China Beats The US An eye-opening book that tells the truth how the US is losing to China. The US is losing as it adopts the outdated strategy of Air-Sea Battle while China adopts the space era strategy to pursue integrated space and air capabilities: It is losing due to its diplomacy that has given rise to Russian-Chinese alliance. US outdated strategy has enabled China to catch up and surpass the US in key weapons: Hypersonic weapons (HGV) that Pentagon regards as the weapon that will dominate the world in the future. Aerospaceplane in China’s development of space-air bomber that can engage enemy anywhere in the world within an hour and destroy an entire aircraft carrier battle group within minutes. Anti-satellite (ASAT) weapons, anti-ASAT weapons, stealth aircrafts, drones, AEW&C, etc. The book gives detailed descriptions of China’s weapon development based on information mainly from Chinese sources that the author monitors closely. U.S. Must Not Be Beaten by China! China is not a democracy. Its political system cannot prevent the emergence of a despotic leader or stop such a leader when he begins to bring disasters to people. A few decades ago, Mao Zedong, the worst tyrant in world history did emerge and bring disasters to Chinese people. He wanted to fight a nuclear war to replace capitalism with communism but could not bring nuclear holocaust to world people as China was too weak and poor at that time. If a despot like Mao Zedong emerges when China has surpassed the US in military strength, world people will suffer the misery experienced by Chinese people in Mao era. China surpassing the US in GDP is not something to worry about as China has the heavy burden to satisfy its huge population, but China surpassing the US in military strength will be world people’s greatest concern if China remains an autocracy. US people are of much better quality than Chinese people. What they lack is a wise leader to adopt the correct strategy and diplomacy and the creative ways to use its resources in developing its military capabilities. I hope that with the emergence of a great leader, the US can put an end to its decline and remain number one in the world. China, US, space era strategy, air-sea battle, space-air bomber, arms race, weapon development, chan kai yee


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