"My last and greatest reform," Prime Minister Yasuhiro Nakasone calls it. When he steps down from his post, as he is expected to do next fall, he hopes to leave behind at least one lasting legacy: a comprehensive reform of Japan's tax system. Last week his goal seemed within reach as Japan's ruling Liberal Democratic Party approved a plan to overhaul the tax code from top to bottom. The party will submit the proposal to Japan's Diet early next year. Much like this year's revamping of the U.S. tax code, the new program aims at dramatic cuts in income taxes to...
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