Taiwan moves to levy \\\'rich man\\\'s tax\\\'

Taiwan has moved to levy a so-called "rich man's tax" on nearly 10,000 of the island's wealthiest people in a bid to narrow the income gap, officials said Friday. Under the proposal, those with annual net income of over Tw$10 million ($333,000), or the richest 1.5 percent of individuals or families, will pay a 45 percent income tax rate, up from the current 40 percent, said the finance ministry. "We will raise taxes for the top (earners) and reduce taxes for low and modest income earners ... which will definitely improve the income distribution," finance minister Chang Sheng-ford said, according to AFP.