AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Growing Calls for Consumption Tax Hike.
(From Journal of Japanese Trade & Industry (JJTI))
An increasing number of senior officials in the government, ruling coalition and business community are beginning to call for consumption tax hikes in the future. Behind this is the growing perception that a rise in the consumption tax, now at 5%, may be unavoidable to ensure sufficient sources of revenues to deal with the pension reforms slated in 2004 and to cover ballooning social security costs due to the aging of the Japanese population and the declining birth rate.
Japan is facing a severe fiscal situation as the government's tax revenues remain sluggish due to the prolonged economic slump, while expenditures are growing due to increased pension and medical costs. With the outstanding government bond issues estimated to reach \450 trillion by the end of March 2004, the government may find it increasingly difficult to resort to any further borrowing. In addition, the government's burden of the financial sources for basic pension payments is expected to increase to one-half of the total cost from the current one-third under the 2004 pension reform plan. Thus, hopes for the consumption tax to become a stable source of revenues are growing.
In the business community, the Japan Business Federation (Nippon Keidanren) took the initiative in launching a campaign for consumption tax hikes. In late November last year, Nippon Keidanren Chairman Okuda Hiroshi proposed that the consumption tax rate be raised to 16% along with pension system reforms by fiscal 2014. The business world is generally in favor of a consumption tax hike because they want to win a corporate tax cut in exchange. "Unless Japan's corporations become stronger, neither people's lives nor the Japanese economy will improve," Okuda stressed.
In contrast to such a positive attitude by the business community, government ministries and agencies remain cautious. Immediately after a cabinet reshuffle in late September, ...
- Tax hikes likely to hit middle class; Government should continue bailouts, say...
- Magazine article from: Investment News April 27, 2009 700+ words
...Popular in Europe, a value-added tax is basically a consumption tax that is levied on a product whenever value is added at a...States, it most likely would be used to keep a lid on income tax hikes, said Robert Litan, a senior fellow at Brookings. Otherwise...
- EDITORIAL: Proposed tax hikes get a cool reception.(Editorial)
- Newspaper article from: Reading Eagle (Reading, PA) February 12, 2007 700+ words
...Democratic Party were complaining that there were too many tax hikes in his plan. "This is a blueprint, as every budget is...tax relief. The governor also is proposing an electricity consumption tax, which would amount to about 85 cents a month for the average...
- WITH NEED FOR TAX HIKES ACCEPTED, DEBATE GOES TO FORM
- Newspaper article from: The Journal Record JAN M. ROSEN, NY TIMES December 22, 1988 700+ words
...what form the new taxes will take. A consumption tax does not seem to be an idea whose...But greater reliance on some form of consumption tax may not be far away, speaker after...Accounting Research. The first new consumption tax could be an energy tax. Rep. Dan...
- JAPANESE PM POINTS TO NECESSITY OF WEIGHING CONSUMPTION TAX HIKE.
- News wire article from: AsiaPulse News December 11, 2002 700+ words
...increase in the national consumption tax during his term of...that the issue of a consumption tax hike must be examined...whether it should be the consumption tax or some other tax...Pundits say talk of tax hikes will start to intensify...
- Review of 1989-1990 consumption tax activity.
- Magazine article from: Tax Executive DeLuca, Michael A. March 1, 1990 700+ words
Review of 1989-1990 Consumption Tax Activity Consumption taxes received...not necessarily be labeled as "tax hikes." Revenue raisers referred to...income-based tax: A broad-based consumption tax would have definitional and measurement...
- Property tax hikes are fewer this year
- Newspaper article from: Deseret News (Salt Lake City) Lee Davidson Deseret News October 15, 2009 700+ words
...due by Nov. 30. The reduced number of tax hikes comes during an election year for cities...every five governments that had proposed tax hikes to cut them at least a bit after required...A list of all governments who passed tax hikes and the amounts involved is on deseretnews...
- Specter of tax hikes descends on state.(News)
- Newspaper article from: The Boston Herald Beardsley, Elisabeth J. April 27, 2003 700+ words
...lawmakers will debate a pile of controversial tax hikes this week, as thousands of activists...said it's not reflexively opposed to tax hikes or other revenue-generators such as...publicly stating that he personally supports tax hikes even as he toes Finneran's party line...
- Cahill: Tax hikes will drive down ticket sales.(News)
- Newspaper article from: The Boston Herald Chabot, Hillary July 6, 2009 700+ words
Byline: HILLARY CHABOT Upcoming tax hikes on booze and other items will squeeze...Executive Director Mark Cavanaugh said the tax hikes certainly will reduce sales. "It means...in Dracut already is bracing for the tax hikes, which begin in August. "People will...