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© (c) Copyright Thomson Reuters 2020.Japan tax revenue falls most since last June
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© (c) Copyright Thomson Reuters 2020.
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Cricky
And the government will spend like a drunken sailor. Giving no thought to fiscal responsibility.
dbsaiya
All the more reason to reduce the income of all elected Diet members by half for six months. They will be getting their bonuses along with all the bureaucrats next month. Also need to re-examine all of their perks and benefits that are at tax payers expense. Share the pain.
fxgai
Unfortunately salaries for govt types are a drop in the (leaking due to a gaping hole) bucket.
It would be ok for the govt to spend like a drunken sailor now, had it not been spending like a drunken sailor for the past quarter of a century too.
Cricky
When bueuracrats and government noddys oversee a failing economy it's a slap in the face when they garner in 3 months what takes the average worker 12 months. Then spend money on absolutely stupid things, tiny masks, two lane highway between Abe and Aso sans electorate, Hell every week almost every day there is a story about the elites financial stupidity. And they get less tax in but need to spend more. Way too many representatives didn't Abe promise to reduce them or was that another urge?
since1981
Maybe they won't rip up the roads in my neighborhood for no reason other than to spend the budget.
Dinesh
This japan tax system is absolute robbery... during this corona virus pandemic why government sent automotive tax bill to pay last week ?? That tax and vehicle inspection for 2 years and all is not at all needed..
kohakuebisu
I suppose "falls most since last June" most work better in Japanese than it does in English, where it sounds weirdly sensationalist.
With Covid-19, it sounds like we are going to end up with other First World countries having national debt levels far in excess of GDP like Japan. It will be interesting to see what happens, if they can keep the plates spinning too. In some of these countries, household debt is way higher than Japan, due to extended real estate booms and student debt. The conditions are there for a Covid-19 recession-driven real estate crash.
The biggest chunk of Japanese government spending is on welfare, btw, mostly for old people.
Dan Lavender
Abenomask!
The right man to bankrupt the ailing Japanese economy!
Vote Jiminto and see your taxes wasted on masks ,Aegis destroyers and the resurfacing of my roads all the while they line THEIR OWN POCKETS!!
Ramzel
Actually many people/companies haven’t paid taxes yet because they extended the deadline of Payment beyond April 16th.
https://assets.kpmg/content/dam/kpmg/jp/pdf/2020/jp-en-e-taxnews-20200410-2.pdf
based on this of course tax revenues are way down
bearandrodent
Well, you know which way your income taxes and use taxes are headed in the coming years.
Cognac
and what they should vote, the left, the democratic party ?
that one when in 2011 "everything is ok in Fukushima, don't worry" ?
lol
GW
9%...…..I think its going to drop a hell of a LOT more than 9% going forward!!!
And yeah would be nice to see a token decrease on ALL govt employee's like 20% for a start & then up to 50% if we don't start seeing any light at the end of this tunnel
Come on J-govt DO IT!!
Goodlucktoyou
Increase the tax to 10%, lose the tax by 9%. Rich people carry on as usual.
Xeno Man
I just read this news.
https://www.ft.com/content/63b35e8b-b0c4-4652-9f1d-21dd7ca8a2e0
Bain Capital buys a retirement center firm in Japan. As you know, American private equity firms are notorious for making short-sighted decisions that rack up profits at the prices of employeees and consumers. This is a big retirement center firm in Japan! Now, it is likely that you will see massive cuts of employees and deterioration of retirement centres in Japan to make massive profits for American overlords. The Japanese government will get little cents from these foreign entities.
The American and European firms already make massive strides at doing M&A in Japan since Koizumi lowered the economic barriers. I expect Japan tax revenue will even get lowered as foreign firms will invade Japan and dodge every tax that they see. Japanese government will squeeze more from their citizens, while the corporate overlords (mostly foreign) will get away scott-free. Abenomics has always been the auction of Japanese economy for the highest foreign bidders.
dbsaiya
Cognac - Just FYI. Fukushima was the LDPs project from the beginning. The Democratic party was in power during the disaster and I think handled it way better than the LDP could have. Also, it was abe who said figuratively, everything in Fukushima is ok when he bid for the olympics.
藤原
Hokuriku 新幹線from Kanazawa to Osaka USLESS WASTE after implementing it take away the thunderbird and Shirasagi 特急 and creates a mess out of the local trains.
中央リニア新幹線even greater usless waste,
No more experience 新幹線!
Use the tax money to improve regional areas such as 能登半島,
飛騨areas, and other rural areas creating jobs and opportunities to build future businesses opportunity as well as hospitals and clinis by locals that can build population growth and bring opportunities for new graduates to stay insted of doing these multi decade usless road projects and train systems.
Fighto!
Im sorry to say, but pensions will absolutely have to be cut. I'm guessing cut of 30% is the figure the govt will look at. And yes - ALL public servants should all take a 30% pay cut too - and zero bonus for 3 years.
Cricky
Workers work with the promise of a liveable pension, not going to happen. If you are a member of the LDP probably get so so much money you don't know what to do with it except get more. 80 year olds still getting tax payer money. If they were smart could have retired at 40. A leach is a leach and if you are born into money why would you care about anything. They are just worried they can't get enough money before they die.
Cognac
sir, I don't vote in Japan cause I keep (proudly)(and I'm not ammerican) my homecountry passport, so say "LDP fanboys" to some other
(typical leftist answer, you don't think same as me so you are バカ)
JeffLee
The debt can be paid back because it is in yen. Japan can never run out of yen, unless mentally deranged politicians want it too, like the "sequester" crowd in Washington. Dont worry about it.
Fighto!
Well said. It's true - Japan can just print more money to pay the tax shortfall, and pay the increased debt back, if it is domestic of course (as most debt it). I'd still like to see politicians tighten their belts a little though.
itsonlyrocknroll
Ok I have a photo copier, it’s a relic from the past but useful. I take a 10000-yen bill and copy it. What do you believe to be the value of the original 10000-yen bill?
Pukey2
I see yet another hike in the consumption tax on the horizon.