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Hong Kong Fiscal Deficit - is it chronic?

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  1. #1

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    Hong Kong Fiscal Deficit - is it chronic?

    there are several ways to increase tax revenue..

    https://www.taxpolicycenter.org/taxv...-ways-tax-rich

    A tax on accrued capital gains

    Taxing capital gains at death

    Raise top income tax rates

    Limit tax preferences

    Tax on wealth

    https://www.vox.com/money/23634085/b...-capital-gains

    Biden's billionaire tax

    https://www.aljazeera.com/opinions/2...ir-foundations

    taxing the foundations

    Last edited by nivek2046; 18-03-2024 at 12:56 PM.

  2. #2

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    Will increasing taxes solve the issue with increasing expenses?

    shafiq, Mirindix, aw451 and 1 others like this.

  3. #3

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    Quote Originally Posted by nivek2046:
    there are several ways to increase tax revenue..

    https://www.taxpolicycenter.org/taxv...-ways-tax-rich

    A tax on accrued capital gains

    Taxing capital gains at death

    Raise top income tax rates

    Limit tax preferences

    Tax on wealth

    https://www.vox.com/money/23634085/b...-capital-gains

    Biden's billionaire tax

    https://www.aljazeera.com/opinions/2...ir-foundations

    taxing the foundations
    Or how about just controlling expenditure?
    Corrib likes this.

  4. #4

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    Revenue:

    https://www.censtatd.gov.hk/en/web_t...l?id=340-47011

    Expenses:

    https://www.censtatd.gov.hk/en/web_t...l?id=340-47012

    Now where would you increase revenues and reduce expenses?

    Also, note ...

    Capital Works Reserve Fund (1)

    Figures have been adjusted to exclude repayment amount of government bonds and notes. The corresponding “Total capital expenditure” and “Total government expenditure” have been revised accordingly.

  5. #5

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    key is to cut expenses.. it will be chronic until inflation kicks in enough to lower those costs..

    Mirindix likes this.

  6. #6

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    Of course the easy way is like what numerous jurisdictions do... splurging & jumping into the enticing debt spiral and mend it with ever increasing taxation

    muzzdang likes this.

  7. #7

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    GST


  8. #8

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    1. Hong Kong has one of the widest gap between the rich and the poor in the world. Cutting government expenditure would widen this gap even further.

    2. Hong Kong's public expenditure as a percentage of GDP is 28%, which is much lower than almost all developed countries.

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    Last edited by nivek2046; 18-03-2024 at 02:33 PM.

  9. #9

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    Quote Originally Posted by nivek2046:
    1. Hong Kong has one of the widest gap between the rich and the poor. Cutting government expenditure would widen this gap even further.

    2. Hong Kong's public expenditure as a percentage of GDP is 28%, which is much lower than almost all advanced countries.

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    1. Depends on how you look at it. It means also that there are quite some people with tremendous wealth, which doesn't necessarily equate that the vast majority is poor. Most people don't even pay salaries tax, unlike the "rich" and "upper middle class" ...but of course their contribution is far outpaced by the profit tax from companies, money which finances the highly subsidized public healthcare, education etc.

    2. Part of the success formula ...controlling expenditure which is what numerous jurisdictions fail to achieve

  10. #10

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    There are around 300.000 families living in sub-divided units, coffin homes and cages in Hong Kong.

    Asking anyone of them to pay any taxes (eg GST) is simply wrong.

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    They have to wait for many hours at a public hositpal even if it is an emergency.

    https://www.ha.org.hk/visitor/ha_vis...35504&Lang=ENG

    And they don't have a foreign passport.

    Last edited by nivek2046; 18-03-2024 at 03:40 PM.
    shri and Cornmeal like this.

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