Why China Doesn’t Have Property Taxes (& Why They Will Eventually), or, Chinese Tax Policy and Pizza
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- Опубліковано 1 жов 2024
- How do Chinese cities fund their operations without property taxes? Is this solution sustainable? I eat a slice of pizza in order to demonstrate the facts.
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Great video! I love the visual explanation. It's great to see a fellow UA-cam economist on here!
Thank you so much. Honored you commented. Big fan of your channel here.
I love your simple explanations. Can you please make a video explaining how a poor country can increase her avg income ? Also how can a poor country achieve rapid economic growth ? I hear that capitalism helps the cake(metaphorically speaking) to be bigger for everyone instead of only for the rich with initial advantage (I might be wrong). I am not from this background so I apologize if I sound stupid. But it seems to me that for a poor country it's extremely difficult and almost impossible to achieve rapid economic growth because of capitalism.
You may have already seen the linked video I’m sending (below) and if so please disregard. I do have a few other videos in developmental economics I’d like to do here. Capitalism and increased trade does provide growth but there’s a lot that can go wrong and not all “capitalistic” arrangements are going to “lift all boats”. People are poor because they cannot, will not, or are being prevented from doing work or creating products that people want to buy. A lot of citizens of poor countries are being prevented from participating or lack something needed to do work that improves their lot.
ua-cam.com/video/7E5ttNBBQVo/v-deo.html
My understanding of property in China is that you can not own property. Am I incorrect? You can lease it from the state, much like the long term leases on the English Crown's property.
As far as I understand, you are correct. I believe formally the transaction is something like a 70 year lease.
@@BenjaminFaust It makes me think that the revenue issue you are proposing is not an issue. The government isn't actually engaging in a one time sale of desirable land that will later not provide a revenue stream. The leasing process will allow for taxation revenues through the renewal process of leases.
I’m not sure how that will play out when it comes time to renew I would hate to have to come back in 70 years and do a video where I regurgitate the same pizza however :-)
@@BenjaminFaust LOL
Bullshit!!
Where you hear about it??
China have Properties taxes!!
But YEARLY PROPERTIES TAXES IS CHEAP FOR CITIZENS!!
You cant own the lands IF GORVEMENT WANT TO USE IT FOR PUBLIC & MILITARY PLANS.
Gorvement will pay for your lands/house but if course always cheaper & lower than PRIVATE BUYERS/CORPORATE BUY!!
But NO ONE KICKED YOU OUT OF YOUR HOUSE/LAND
A house can give to your son/daughter & your next-next generation can live in that house!!
When you’re sickness cant working or accident & lose job, cant pay YEARLY TAXES!! No one scare they gonna lose their house because they’re cant paying YEARLU TAXES LIKE WHAT HAPPEN IN US & WESTERN!!
Simple example, once your house buy & pay finish, it belong to you!!
YEARLY PROPERTIES TAXES IS UNBELIEVABLE CHEAP, TO MAKE SURE EVERYONE CAN OWN THEIR OWN HOUSE!!
My family house is 50sqm2, 2 floors in city.
YOU KNOW HOW MANY YEARLY PROPERTIES TAXES MY FAMILY HAVE TO PAY FOR GORVEMENT??
It’s 5$/YEAR!!
While a bow of noodle is 1,5$-2$, lunch meals rice is 1,8-2$.
And because it so cheap & affordable.
EVERY YEARS locals offices gorvement not even care to send email & letters to ask people pay YEARLY PROPERTIES TAXES!!
Alots place, officers gorvement let it until 5-6-7year then they ask people pay it ONCE TIMES!!
Or there are family not even care to paying YEARLY PROPERTIES TAXES UNTIL THEYRE SOLD THE HOUSE/LAND, then gorvement ask them paying at that times!!
That’s why NO ONE IN CHINA OR ALOT ASIA COUNTRY, not scare if they’re old & eldery then CANT PAY YEARLY PROPERTIES TAXES & LOST THEIR HOUSE!!
Btw, new devolved properties (as new apartments, luxury condos,etc..) because the PROPERTY PROJECT RUNNING & BUILD BY PRIVATE CORPORATION!!
They’re improve good infrastructure & good material, parks,etc.. so YEARLY properties taxes in this areas/district is higher than normal areas a bit.
WHERE ON THIS EARTH YOU PAY 5$ for 1 year properties taxes??
This is why alots CHINESE & ASIAN HAVE THEIR HOUSE/LAND & AVOID OF BEING HOMELESS, LOST THEIR HOUSE!!
In CHINA & alots ASIA country, Gorvement earn taxes, mostly not come from PROPERTIES TAXES!!
If you buy & sold your house/land/properties. YOU DO PAY 2% PROPERTIES TAXES & INCOME TAXES!!
But I’m talking about YEARLY TAXES FOR PEOPLE OWN THE HOUSE/LAND.
As long as they’re not care about intro PROPERTIES FIELS!!
They can living no problems with CHEAP ASS YEARLY PROPERTIES TAXES & NEVER CARE ABOUT CANT PAY YEARLY PROPERTIES TAXES TO LOST HOUSE!!
This is most BEAUTIFUL, GREAT & BEAST THING CHINA & ALOTS ASIA GORVEMENT EVER DID!!
You know how much house owner in NY, CALI, FLORIDA, LONDON, TORONTO to paying yearly taxes??
It’s a huge ass amounts of their salary income!!
But in my country, MY YEARLY PROPERTIES TAXES, I CAN PAY IT BUY 2 or 3 BOW OF NOODLE!!