The ruling Liberal Democratic Party-Komeito coalition unveiled on Thursday a fiscal 2018 tax reform plan featuring increased levies for high-income earners and smokers, as well as the creation of a controversial departure tax targeting tourists leaving Japan.
At the center of the proposed package, set to be rubber-stamped for Diet submission early next year, is a plan to impose a heavier income tax on company workers who earn more than ¥8.5 million each year.
About 2.3 million corporate workers are projected to see an increase in their tax burdens as a result, because the new plan will lower the upper limit for income tax deductions.
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