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New Japanese Prime Minister Fumio Kishida has said adjusting the country’s financial income tax rate will be among the options to address income disparities. During his first press conference as prime minister, Kishida also said he would consider offering cash payments to households hardest hit by the coronavirus pandemic. “I have flagged an adjustment to Japan’s financial income tax as an option. But it is not the only option. We could also take measures like offering tax breaks to companies that raise wages,” Kishida said. Kishida said he wanted to pursue policies that result in “a new kind of capitalism” that distributes more wealth to households and bridges the growing income gap in Japan. Some academics have called for increasing Japan’s financial income tax – levied on investment income – from the current 20 percent in order to raise more from the rich and fund measures to help low-income households. Kishida also said he would create a standing group to come up with measures to boost economic growth in a post-pandemic world. Associated Australian Press

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