Personal income tax reform is a barometer for social fairness

THE 13TH NATIONAL PEOPLE'S CONGRESS Standing Committee is now reviewing a draft amendment to the Personal Income Tax Law. Guangming Daily comments:

The draft amendment has caught wide attention because the new threshold of monthly income for personal income tax will be 5,000 yuan ($773), compared with the current 3,500 yuan. Also expenses such as paying for children's education and the treatment of serious diseases, rent and mortgage interest payments will be deductible for the first time.

It is necessary to amend the law now, since it has been seven years since the personal income tax threshold was raised from 2,000 yuan to 3,500 yuan, and these changes will effectively relieve the tax burden on those with lower incomes.