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Japan Tackles Sales Tax 'Taboo' That Obama Won't Touch

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"Finance Minister Naoto Kan’s readiness to debate Japan’s first sales-tax increase since 1997 signals the risk of a fiscal crisis may be weighing heavier with policy makers than dangers to economic growth," according to Bloomberg. "The shift underscores how Japan is seeking to avoid any association with the crisis in Greece, which has a smaller debt burden. Lifting taxes on consumers is politically risky -- the Obama administration isn’t considering such a levy in the U.S. even as two former central bank chiefs endorsed the concept -- and the last time Japan did so, it helped cause a recession."
SOURCE:   Bloomberg