Japan gov’t to raise tax break cap for offspring’s income to 1.5 mil. yen

The Japanese government and ruling parties are arranging to raise the income cap on earnings by a householder’s dependent offspring to qualify householders for tax deductions to 1.50 million yen ($9,900) from 1.03 million yen, possibly starting next year, sources close to the matter said Thursday.
The plan comes as the ruling bloc, led by Prime Minister Shigeru Ishiba’s Liberal Democratic Party, has accepted several demands from an opposition party whose cooperation it is seeking in parliament after the coalition lost its majority in the House of Representatives in October’s general election.

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