Motegi Toshimitsu proposes raising the “1.03 million yen barrier” to around 1.2 Million, a move that could change income tax thresholds in Japan.
1Boom★.Dec. 3, 2024 (Tue) 10:35:48.71ID:FqNpLnae9
Former LDP Secretary-General Motegi Toshimitsu appeared on the YouTube channel “rehacq – Rehac – [Official]” streamed on the 1st and expressed his opinion on raising the “1.03 million yen barrier,” which imposes income tax on annual incomes over 1.03 million yen, saying, “Around 1.2 million yen would be a reasonable figure.” Regarding the “1.03 million yen barrier,” Prime Minister Shigeru Ishiba has clearly stated that the tax will be raised in the fiscal 2025 tax reform, and negotiations are ongoing between the ruling and opposition parties over the amount of the increase. The Democratic Party for the People, which is leading the debate over raising the “1.03 million yen barrier,” cites the rate of increase in the minimum wage over the past 30 years (1.73 times) as the basis for the amount of increase, and is advocating a 73% increase from 1.03 million yen to “1.78 million yen.” Motegi responded, “The criteria will probably be how much prices have risen and how much overall income has increased. In terms of prices, that would be roughly 17%, so raising the figure from 1.03 million yen to 1.2 million yen would be a reasonable figure.” On the other hand, “1.2 million yen probably won’t be enough (for the Democratic Party for the People).” We are a minority ruling party, and without the cooperation of other parties we cannot pass any budgets or laws. The other side is in a stronger position, so it’s a question of where we can compromise,” he said. “If we set the tax rate at 1.78 million yen, it will result in a reduction in tax revenue of nearly 8 trillion yen,” Motegi said. Even half of that would be 4 trillion yen. We will have difficulty figuring out where to get the funds,” he said, adding, “Abolishing the 1.03 million yen barrier would actually be a major tax cut. The higher the income earner, the greater the tax cut. Will that improve the economy? “Income will increase, but it will be difficult to spend all of it on spending,” he said. Sankei.
>>3 Half of the seats in the House of Councillors election are up for election. But it would be pretty tough to get the LDP and Komeito to lose their majority, right?
>>3 Even without that, if the Democratic Party for the People turns against it, the budget bill will not pass and the Ishiba Cabinet will be over in a flash. The House of Representatives and House of Councillors will be elected on the same day.
Taxes will be raised elsewhere anyway, and anyone who criticizes the Ministry of Finance will be harassed and have assassins sent at them, like Shiba in Shizuoka.
Huh? Aren’t they going to do anything to stimulate the economy? If the economy grows at about 5%, it will naturally increase to 7 trillion. You can’t grow the economy if you’re incompetent. (^. ^)y-.。 o○.
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