Japan’s securities taxes far lower than U.S. and 3 European countries

   Due to preferential tax breaks, the wealthy in Japan enjoy far lower securities taxes than in the United States, Britain, Germany, and France, according to Japanese Communist Party House of Councilors member Daimon Mikishi.

   According to Daimon’s recent calculations, the amount of tax levied on dividend earnings of 100 million yen is 28 million yen in France, the highest among the five countries, followed by 23 million yen in the U.S., 23 million yen in Britain, 19 million yen in Germany, and only 10 million yen in Japan.

   Japan’s tax levied on capital gains is also the lowest among the five nations.

   Daimon said although taxes must be levied according to tax payers’ ability to pay, Japan’s wealthy people’s share in taxes has been reduced due to the preferential tax breaks for stock dividends and capital gains promoted by the Liberal Democratic and Komei parties.

   He pointed out that this policy has made the rich even richer, thus increasing the social gap.

   Stressing that successive finance ministers have declared their intentions to abolish such tax breaks in answer to JCP members’ questions in the Diet, Daimon said that the government must put an end to the preferential tax breaks.
    - Akahata, November 6, 2007