Japan’s ruling party is said to be running into a bit of trouble in appealing to the upper house ahead of the upcoming election, expected in July, and is considering to offer cash handouts to all citizens without an income cap. After having scrapped initial plans for a one-time cash handout to counter Trump’s tariffs and then now making clear that they will not pursue a consumption tax cut, Japan’s ruling party needs something to mark as the pillar for the election. And this looks to be their latest idea.
A source noted that: “If we put an income limit on it, it will take time”. We can probably make the amount 20,000 yen or more.”
However, there are certain quarters in the government that are calling for the exclusion of high-income earners. So, nothing is set in stone just yet.
The report adds that the cash handouts will be funded by the increase in tax revenue in the fiscal year 2024 – set to be finalised in July.
ForexLive.com
is evolving into
investingLive.com, a new destination for intelligent market updates and smarter
decision-making for investors and traders alike.
