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Tax Reform: Project Benefits 900,000 People Through Care and Lease Waivers

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This is a middle-class focused set of measures, as the majority of taxpayers with access are low-income.

project of tax reform, Already approved by the Finance Committee of Congress, Deduct care costs and rent from tax payments.

technical minute Ministry of Finance This exemption was calculated to cover 896,440 taxpayers, mostly in the low-income bracket with incomes below $1.8 million.

The project is looking at two exemptions for family care and rent payments.

The first establishes that the costs associated with caring for people under the age of two and people with severe dependencies can be deducted from the complementary global tax base. The upper limit is 5.5 million yen per month.

The measure is relevant to the government because it incorporates a gendered approach, as it is usually women who bear the burden of care work.

Advantages of tax reform

According to the technical minutes, This measure will benefit approximately 410,695 taxpayers. Of those, 89% pay taxes and correspond to people in the first two income brackets between $804,533 and $1,787,850.

In the case of leasing, a complementary global tax deduction to the tax base corresponds to the rental costs incurred. The upper limit is 4.5 million yen per month.

A) yes If someone with taxable income of $1,200,000 spent $450,000 to pay rent, Personal tax payments are calculated on only $750,000 and are therefore exempt from income tax.

This rent deduction will benefit approximately 585,670 taxpayers. Of those, 68% earn between $804,533 and $1,787,850. Equivalent to about 400,000 taxpayers.

Source: Biobiochile

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