December 4, 2019

Japanese Communist Party member of the House of Councilors Daimon Mikishi on December 3 at a Financial Affairs Committee meeting of the House demanded that the government consider introducing a "wealth tax" to be levied on large-value stocks, real estate, and other assets.

Daimon cited a statement the IMF released in November which urges Japan to further increase the consumption tax rate and to consider re-introduction of a wealth tax, and asked Finance Minister Aso Taro about the ministry's view on this recommendation.

Aso answered, "It is not under consideration so far."

Daimon pointed out that more and more European countries such as France and Spain have introduced taxation on assets and that a U.S. Democratic Party presidential candidate has been calling for a tax on assets which has gained support even from Republican Party supporters.

Daimon said, "The Tax Commission in its discussion on a reworked tax system also mentioned property taxation," and again demanded that the government start to discuss the implementation of a wealth tax.

Past related article:
> BOJ economic survey verifies how irrational consumption tax hike to 10% actually is [October 3, 2019]