WSJ : Tax-Happy Fukuda

From "Review and Outlook" at WSJ.com (31.01.2008) :

For its part, the Fukuda government has supported extending both tax cuts, but with caps: 1 million yen for dividend income and 5 million yen for capital gains. Anything else, the government says, would only benefit "the rich." But that kind of thinking is self-reinforcing. If dividend taxes are high, companies will opt to keep cash on their balance sheets and Japanese investors, of whatever income level, seeing low-yielding stocks, will put their money elsewhere. Equally, if investors are heavily taxed on stock gains, they'll put their savings into other assets.

Taxes are already high in Japan, especially as other Asian countries cut their levies to attract investment. Japan's national corporate tax rate is 30%, and with local taxes added on, it's closer to 40%. Top effective rates for personal income tax can brush 50%.

The politicians' support of the gas tax and their thinking on capital gains and dividend taxation represent a shift away from pro-growth policies and toward redistributionary money shuffling. As Mr. Abe's resignation showed, the Koizumi era taught Japanese voters to expect better. Mr. Fukuda may soon learn that lesson.

I'm not sure if "Mr. Fukuda may soon learn that lesson". But Japanese tax snatchers aim at what ?