Post-Quake Reconstruction Panel Calls for Tax Hikes

Nothing changes, seems:

Post-Quake Reconstruction Panel Calls for Tax Hikes

(Dow Jones) The Reconstruction Design Council issued a report Saturday recommending higher taxes to finance the recovery effort in areas hit hardest by the massive earthquake and tsunami. The panel set broad guidelines for resuscitating a huge swath of the country’s northeastern–an undertaking that will cost an estimated more than Y10 trillion ($125 billion). To pay for cleanup and recovery efforts, the council proposed temporary hikes in “core” taxes to redeem new “recovery bonds” backed by the full faith and credit of the government. It also called for a publicly-funded “loan assistance” facility to foster private investment, and special economic zones with less regulation and lower taxes to attract investment in agriculture and industry.