LDP presidential candidate Kobayashi pledges reduced income tax as part of leadership campaign
The Liberal Democratic Party (LDP) of Japan is gearing up for its presidential election, scheduled for October 4. This election will determine the successor to outgoing Prime Minister Shigeru Ishiba.
Several notable figures have announced their candidacy for the position. Among them is former Economic Security Minister Takayuki Kobayashi, who aims to increase wages by boosting employment through investments in rural areas. Kobayashi also plans to establish an income tax system that supports the middle-income class.
Kobayashi is not the only one focusing on economic issues. Agriculture Minister Shinjiro Koizumi has announced his intent to run, with a main policy proposal of a fixed-rate income tax cut, primarily aimed at young people and working generations. An upper limit will be set on the tax cut to avoid preferential treatment for high-income earners. Finance Minister Katsunobu Kato will lead Koizumi's campaign team.
Chief Cabinet Secretary Yoshimasa Hayashi has also voiced his intention to run. Hayashi hopes to inherit Prime Minister Ishiba's aspirations and focus on wage hikes. He does not view a consumption tax cut as a solution to inflation.
In terms of defence, Kobayashi proposes increasing Japan's defence spending, currently equivalent to 2% of its gross domestic product. He plans to revise the national security strategy to accommodate this increased spending.
Former LDP Secretary-General Toshimitsu Motegi has already announced his candidacy for the LDP presidency. Motegi, who ran in the party leadership races in 2021 and 2024, is expected to be a strong contender.
Another strong contender is former economic security minister Sanae Takaichi, who is expected to announce her candidacy for the LDP presidency by the end of this week. Takaichi, who has previously run in the party leadership races in 2021 and 2024, is known for her conservative views.
It is worth noting that both Koizumi and Kobayashi ran for LDP leader for the first time in last year's party presidential election. The identity of the LDP's announced candidate for the upcoming presidential election next week remains undisclosed.
The upcoming LDP presidential election promises to be a significant event, with several strong candidates vying for the position. The winner will play a crucial role in shaping Japan's future economic and defence policies.
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