| Publication |
2006.
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| Summary/Abstract |
It is widely recognized that Japan must slash its massive fiscal deficit. This will clearly require a combination of spending cuts and higher taxes. One approach would be to turn the consumption tax into a special-purpose tax for social security, hiking the rate to cover the cost of providing for an aging population, but at the same time clarifying the need for rigorous cuts in expenditures to achieve an overall balance.
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