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Japan targets top earners with proposal for minimum income tax

New rate would affect people with income of over $22m a year

Many Japanese high earners have large proportions of financial income taxed a lower rate. (Photo by Kosuke Imai)

TOKYO -- Japanese policymakers will move forward with a proposal for a minimum income tax rate targeting high earners making more than 3 billion yen ($22 million) a year, Nikkei has learned.

The new minimum tax would be set at 22.5% of income after the first 330 million yen. If this tax amount exceeds what would be paid under the standard tax, the difference would be collected.

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