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this post was submitted on 05 Jul 2024
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It's a nice start but i think they can do better. How about next year they cut that down to 2 million yuan and the year after to 1 million. That's still plenty more than do-nothing parasitic financial speculators should be getting. And include private firms too.
If it works fine and it's really retroactive they can always retroactively do that too.
Either way, It's a nice solution that people might not even talk much about because it always looks impossible but hopefully they do something like this to show the world it can be done and hopefully they continue it with things like 100% taxes for billionaries and lower the minimum threshold of wealth with time as well.
Edit for clarification.