Japan Chemical Trading Blog
Further Consumption Tax Increase to 10% May Be Postponed
The Nikkei Newspaper published an article today under the banner headline “Consumption Tax Increase to 10% May Be Postponed”.
The consumption tax rate was increased from 5% to 8% in April 2014, and the rate was scheduled to be further increased to 10% in October 2015.
However, according to the article, Prime Minister Abe reportedly stated that he was “basically moving toward putting off” raising the tax from 8% to 10% and would decide as soon as the start of next week.
This disappointed me.
It is obvious that in order to repay the Japanese government debt that has grown to a massive amount, the government must increase the consumption tax rate as well as reconsider its profligate binge of public spending.
How can a family last for a long time if a husband earns only 50,000 dollars a year while his wife spends 100,000 dollars. We need more income and less waste!