First Earthquake, Then Tsunami and Now Tax Increases

Japan's government approved a ¥4 trillion supplementary budget, likely to be the first of several to help fund reconstruction—the budget will be submitted to the Diet on April 28 and is expected to be approved in early May.

Aside from the fact that the reconstruction should be a private affair and that a government led reconstruction will be to the benefit of the government connected, the very tied in Nouriel Roubini is speculating that there will also be tax hikes in Japan.

Given the amount of destruction in Japan, the last thing the Japanese government should be doing is adding further tax burdens on the people. Amazing.