TOKYO -- The timing of planned tax hikes to fund an increase in defense spending is emerging as a point of contention in the ruling Liberal Democratic Party, with many lawmakers opposed to setting a clear timeline for fear of voter backlash.
Prime Minister Fumio Kishida's government plans to generate 1 trillion yen ($6.8 billion) a year by raising corporate, income and tobacco taxes. LDP tax chief Yoichi Miyazawa wants to finalize the timeline in the tax guidelines for fiscal 2024.
