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Inevitable I suppose and less than lots of places, but still.... :grandpa:

 

If they delay this though where are they going to get all the rest of the goodies?

 

Japan's ruling party, the Democratic Party of Japan (DPJ), has agreed to postpone a sales tax increase amid growing opposition against the move.

 

A DPJ panel has agreed to delay raising the tax to 8% until April 2014, with a further increase due in October 2015.

 

The 8% tax level was due to come into force by April 2013.

 

Prime Minister Yoshihiko Noda has been seeking to double the sales tax from current 5% to improve the country's finances, amid growing debt levels.

 

Japan, the world's third-largest economy, has the highest public debt to gdp ratio among the world's developed economies.

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All of these old people should have been paying more than 3% from way back when. Zero foresight. I guess the government is getting some of it back with the huge inheritance tax. If I hear anyone over 60 complaining about a tax hike ..... I'll take their cane and whack him with it.

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I think you're going to get tired of all that whacking, Chriselle!

 

No doubt most people will expect companies to 'absorb' the extra tax and keep the total price the same, at least for a while.

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23% of Japanese are currently over 65 and on current rates this is expected to grow to near 50% by 2050. With a declining population overall meaning less people in work paying tax and consuming there's going to be some very hard times ahead for Japan. Besides offering some major incentives to help stumulate a baby boom I don't see anyway out of their predicament other than opening up their gates to immigration.

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  • 1 year later...

The agreed plan is up to 8% in April 2013 and then up to 10% in October 2015.

 

But depending on economic realities, they can change the plan.

 

Abenomics in all It's/His wisdom will decide this autumn.

 

In Abe(nomics), we trust.

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