If you're wondering what China's "common prosperity" & "overly high income" means, you need to read this thread which summarizes interview w former vice minister of Chinese IRS:
What is classified as 'overly high income' that needs to be adjusted?
1) Illegal income (Lai Changxing - profiting from smuggling)
2) Corporate tax evasion - for example, if companies evade social security benefits and shareholders profit, that needs to be adjusted.
3) Personal tax evasion ("immoral income") - company owners running personal expenses through the company - buying homes/cars etc. "We want business owners to consume with the income they've dividended out to shareholders, not with the pre-tax income.
"Legal & Moral Income" - Xu: "...If you've invested in projects that helps alleviate poverty and generated substantial profits, and *shared* the gains with your employees...regardless of how much you've made, we will support/encourage it...""How do the rich help others become rich?"
"There is an element of social responsibility - some entrepreneurs have made out like bandits but haven't helped others. For example, those that bought chateaus in France - how does that help any of the impoverished people in China?"
"Its not that you can't buy private jets or yachts, but majority of your assets should be invested to create jobs for the impoverished and allow society to prosper together"
How are we thinking about tax rates?
"Some of the highly taxed individuals are talented engineers/management executives - we can't raise taxes on because it will decrease overall competitiveness - we need to reduce it, especially in context of technology competition with the US"
$Alibaba(BABA)$
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