Japan’s Kishida plans an income tax cut for households and corporate tax breaks

By MARI YAMAGUCHI
Associated Press

TOKYO (AP) — Japan’s Prime Minister Fumio Kishida says he is preparing to take bold economic measures, including an income tax cut for households hit by inflation and tax breaks for companies to promote investment. The package announced Monday at the opening of a Parliament session is seen as a move to lift his dwindling public support. Previously, Kishida had been considered reluctant to cut taxes because his government must find the funds to double Japan’s defense budget within five years as planned while also trying to counter the impact of Japan’s low birth rate and rapidly declining population. The tax cuts would be part of a new economic stimulus package he plans to announce by the end of the month.