Ameriprise, the financial planning firm known for targeting mass affluent investors, is dealing with a massive legal problem that could shut down one of its subsidiaries.
By raising consumption taxes on products and services targeting the affluent while reducing or maintaining income tax levels, the Chinese government has been able to sustain consumer confidence, increase spending (retail sales have risen 16-18% annually over the last three years), and get needed tax revenue for infrastructure projects required to maintain employment numbers.