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The federal government and the ruling events are frantically attempting to find monetary sources to cowl the deliberate improve in protection spending, with one proposal being to make use of the particular tax designed to finance reconstruction prices for areas affected by the March 2011 Nice East Japan Earthquake.
The particular earnings tax for reconstruction provides a 2.1% levy to particular person earnings tax by 2037, producing about ¥400 billion ($2.9 billion) in income for the federal government every year. The plan is to make use of a complete of ¥200 billion from the tax income for protection spending.
Policymakers are additionally contemplating extending the 2037 deadline for the tax by one other 20 years to ensure there are sufficient funds.
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