Word: taxed
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...historic magnitude of this budget is undisputed. Nationalized health care, cap-and-trade emissions regulation, an end to some agricultural subsidies, government loans, and, of course, tax hikes would have each—let alone all—been unheard of three years ago. Yet desperate times call for bold measures, and the recession demands the policy reform and funding plans of this budget...
...surge in small-car sales helped China pass a milestone. For the first time ever, more cars were sold in China (735,000 vehicles) in a month than were sold in the U.S. (657,000). In January at least, China was the world's largest car market. "The tax reduction was an obvious help to our sales," says a sales manager surnamed Feng at the biggest Hyundai dealer in Beijing. "Since the new policy started, sales of our three models with 1.6 liter engines or below have gone up by 30% compared to the same period last year...
...come up with its own rescue plan for its ailing carmakers. But unlike Washington, which is providing billions of dollars to prop up the balance sheets of the Detroit giants, China is taking a different route: it's trying to get consumers to buy more cars through a sales tax break and targeted subsidies for rural buyers...
...Beijing government slashed the sales tax on cars with engines of up to 1.6 liters from 10% to 5%. The measure, designed to get Chinese to buy smaller, more fuel-efficient vehicles, has had an immediate impact. January sales of small cars jumped 19% compared with the previous month, according to the China Association of Automobile Manufacturers. Also boosting buyer interest: Lower road taxes and fuel prices, which are set by the government. (See TIME's picks of the 50 worst cars of all time...
...Ultimately Chinese carmakers, not foreign manufacturers like Hyundai, are expected to benefit most from Beijing's moves. "Domestic manufacturers mostly focus on the production of automobiles with smaller engine power, and they benefit the most from the tax reduction policy," says Yao Jie, deputy secretary general of China Association of Automobile Manufacturers. While domestic brands accounted for 26% of the market last year, their share climbed to 30% in January, Yao says. Chery Automobile Co, the highest-selling Chinese automaker and manufacturer of the popular QQ compact, says it expects to increase sales by 18% this year...