...the Japanese government, of course.
It looks as if Prime Minister Noda is set to win parliamentary approval in the Upper House (it passed the Lower House) to double the sales tax to 10%, in an attempt to reduce Japan’s soaring debt.
Got that, double the national sales tax?
What away to suffocate an economy that already suffers from massive government interference in the economy.
Japan is already cooked, so what they do from here on out is a pure desperation play.
ReplyDeleteAt least they're taxing consumption (can be tempered) instead of seizing more wealth.
ReplyDeleteStill not good though..
Consumption taxes are imputed back to the original factors of production, and therefore savings are hurt as well. Taxing consumption is in fact, just the government seizing more wealth.
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