The Liberal Democratic Party-New Komeito ruling bloc on Thursday formally outlined a list of tax reform goals for fiscal 2013 that raises taxes on the rich, scratches breaks for the poor and curries favor ahead of the summer Upper House election.
The outline also offers to reconfigure the vehicle weight tax so all revenues are used solely on road maintenance.
The maximum income tax rate for individuals would meanwhile rise to 45 percent from 40 percent for those making more than ¥40 million a year, while the maximum inheritance tax rate would jump to 55 percent from 50 percent in January 2015.