With the government cutting corporate tax, it needs even more revenue to make up for its already alarming fiscal shortfall. So far the media has fixated on consumption tax, which tends to be more punishingly felt by the average person than any other sort of tax.
Starting next January, the government will boost the inheritance tax (sōzoku-zei), which in the past usually affected only the wealthy since there were enough deductions and exemptions to make the levy of little concern to the middle class, even those who owned property in central Tokyo.
It is the middle class, however, who are now worried. The new inheritance tax rules will lower the asset threshhold that determines whether or not they owe tax and how much the amount will be. According to various media reports, the revisions are designed to collect more money from people who have homes in major cities. With the huge boomer cohort now entering their twilight years, it's assumed there will be a windfall in inheritance tax revenues.
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