Leading Japan Opposition CDP Pledges to Realize All-Middle-Class Society
Tokyo, Oct. 13 (Jiji Press)--The main opposition Constitutional Democratic Party of Japan pledged Wednesday to revive Japan as an "all-middle-class" nation by promoting wealth redistribution.
In its policy promises for the Oct. 31 general election, the CDP vowed to effectively offer income tax exemption for one year for individuals with annual incomes of up to around 10 million yen and provide 120,000 yen in cash a year to low-income earners as emergency measures to deal with the novel coronavirus crisis.
The party also promised to lower the consumption tax rate to 5 pct from the current 10 pct as a temporary measure aimed at stimulating demand after the pandemic is contained.
To fund the tax breaks and cash handout, the CDP proposed to introduce the progressive taxation system for companies to have major firms pay more in income tax and raise the maximum income tax rate for wealthy people.
The party further assured that it will beef up the financial income taxation, in a stark contrast with Prime Minister Fumio Kishida, who has effectively put off considering the measure.
[Copyright The Jiji Press, Ltd.]