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Prime Minister receives tax breaks on stock dividends

Japanese Communist Party representative Sasaki Kensho on February 12 at a House of Representatives Budget Committee meeting demanded a review of the present provisional tax breaks for stock deal profits while revealing the fact that Prime Minister Hatoyama Yukio has received 52 million yen in tax breaks over the last seven years for cash dividends from Bridgestone Corporation (his mother is a daughter of the founder).

Hatoyama holds 3.8 million shares in 13 companies, including 3.5 million shares of Bridgestone stock. He received 520 million yen in dividends from Bridgestone shares alone.

Sasaki stated, gThe previous government lowered the tax rates on capital gains from securities sales and dividends to 20 percent from the previous 26 percent. The rates were further cut to 10 percent as an incentive measure, and thus the prime minister enjoyed 52 million yen in tax breaks.h

Sasaki criticized Hatoyama for giving generous tax breaks to large asset holders, including him, while forcing ordinary people to shoulder heavy burdens, especially forcing the elderly aged 75 and older to pay more premiums for the discriminatory health insurance system.

The prime minister replied, gThe government will discuss if the current preferential securities taxation is appropriate or not.h

- Akahata, February 13, 2010

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