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Japanese Diet passes emergency tax hike

Date Posted: 2011-12-30

The Japanese government is now able to raise income taxes for up to 25 years, a move approved by the Diet to provide funding for reconstruction following the March 11th Great Tohoku Earthquake and Tsunami.

The bipartisan bill had support from the Lower House, was endorsed by the Upper House, and included Prime Minister Yoshihiko Nodaís coalition signing off on cooperation documents with major opposition parties. The new tax measure comes on top of a •12 trillion extra budget passed earlier to provide funding in the east-central part of the country.

The Prime Ministerís plan is to use the money from tax hikes, which will start with the new budget year next April, to fund special government bonds. Increases in personal income taxes for a 25-year period will begin in January 2013, although some lawmakers and economists are worried the fragile economy could be upset by the measures.

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