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Japan’s Prime Minister Sanae Takaichi and her ruling coalition are poised to sign off on an income tax hike starting in 2027 to help finance a planned increase in defense spending, moving forward long-delayed plans as security concerns intensify.
The Liberal Democratic Party and its junior coalition partner Japan Innovation Party are set to agree on raising the income tax rate by 1 percentage point across all income brackets beginning in January 2027, according to the final draft of tax reform plans viewed by Bloomberg on Friday. The additional revenue would be used to finance the nation’s defense needs.
Japan’s Ruling Coalition to Agree on Income Tax Hike for Defense
