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Japan's FY2021 tax revenue hits record ¥67.04 trillion

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Consumption tax was the largest contributor....

Of course it was. Regular working folks can't afford crafty accountants specializing in tax avoidance like the corporates and the wealthy can.

6 ( +8 / -2 )

@JeffLee - if you don't take care of the wealthy, where's the government going to borrow money from?

-3 ( +2 / -5 )

Get set for higher taxes from now to cover a higher military budget (LDP is pushing to double it), more elderly to take care of and less younger people to shoulder the costs, etc.

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However, the figure is still not enough to cover the nation's ballooning budget amid growing social security spending as its population grays rapidly.

Always funny the way Kyodo always tries to link the "ballooning budget" to "growing social security spending", the latter was exactly the reason why we raised the VAT to 10 pct to start with...

Skyrocketing VAT should have taken care at least of the social security spending which we can, through stats, pretty accurately forecast.

The parliament has enacted a record 107.60 trillion yen budget for fiscal 2022 to finance measures against the coronavirus as well as rising social security and national defense costs, setting a record for the 10th consecutive year.

The REAL problem being each year the unforeseen and totally un-budgeted white elephant spending that seem to come out of the left field every single year for already 10th consecutive years, which basically means it started...under Abe.

The next white elephant being now the doubling of the defense spending for which no money was ever foreseen...and which, of course, will mean that the money foreseen for the so-called "growing social security spending" will be, as usual, hijacked leaving jack for that area for the year...

If Japan would stop keeping their ever-increasing herds of white elephants things would most likely look veeeeery different budget-wise.

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If you don't take care of the wealthy, where's the government going to borrow money from?

The BOJ, a public sector institution, which owns half the debt, the pension fund whose revenue comes from regular working people and other public funds funded by society as a whole, rather than by rich people. Insurance companies, whose revenues come mostly from regular working folks/consumers, and so on.

Those are the biggest holders, not rich individuals.

0 ( +0 / -0 )

The Yen is falling sharp, not much can be done for this lump sum of money!

-3 ( +0 / -3 )

Customs have taken to photocopying passports (foreign residents) on the way out of Japan (don’t know Japanese traveling) and on the way back,were very specific checking how many

days/months I was out of the country.

-3 ( +0 / -3 )

I am happy to have paid my share..... I love paying taxes me!

-1 ( +0 / -1 )

However, the figure is still not enough to cover the nation's ballooning budget

Hard to understate the situation much more than that… record tax revenues of 67 trillion yen, versus expenditure of 40 trillion yen more than that… and it’s not a once off thing, it’s the same story every year, and now there is a quadrillion yen of debt and rather than let interest rates rise the central bank decided to trash the currency instead, and suddenly people are getting upset about inflation…

Regular working folks can't afford crafty accountants specializing in tax avoidance like the corporates and the wealthy can.

Corporations and wealthy people (like me?) can’t avoid paying consumption tax either. It’s in the price you pay. Everyone pays in proportion to their propensity to consume, and the wealthy have a greater such propensity and thus pay more consumption tax. (It doesn’t stop the government giving rich people money though mind, which is part of the real problem)

The REAL problem being each year the unforeseen and totally un-budgeted white elephant spending

While that spending is a problem too, I don’t think there is 40 trillion of it to be cut in order to plug the budget deficit… Find a pie-chart of Japan’s expenditures and you will see what I mean.

Japan needs to cut spending across the board and really prioritize the spending to essentials and the needy. Too much spending beyond its means by Japan. Japan has blown it over the last few decades and needs to get back on track.

-1 ( +0 / -1 )

kurisupisuToday  03:57 pm JST

Customs have taken to photocopying passports (foreign residents) on the way out of Japan (don’t know Japanese traveling) and on the way back,were very specific checking how many

days/months I was out of the country.

How come?

0 ( +0 / -0 )

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