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Japan agrees tax cuts to support households, defeat deflation

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Japan agrees tax cuts to support households, defeat deflation
  1. Japan’s ruling Liberal Democratic Party (LDP) and ally Komeito agreed on income tax breaks to counter household price hikes.
  2. Prime Minister Fumio Kishida prioritized tax cuts over increased defense spending for fiscal year 2024.
  3. The income tax cuts will feature a cap on annual household income to address income disparity concerns.
  4. Plans to raise taxes for funding defense spending were postponed.
  5. Tax policies aim to incentivize private-sector-led growth by offering incentives to companies raising wages and supporting strategic domestic investments.
SourceReuters

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