The ruling Democratic Party of Japan is backing a plan to raise taxes on the rich.

The party’s taxation probe committee said it will lower a tax deduction for rich people by 40 percent while raising the maximum rate of the inheritance tax from 50 percent to 55 percent.

The maximum rate of the income tax, which is applied to high income earners with an annual income of 50 million yen or above, will be raised from 40 percent to 45 percent.

The party expects that tax revenue will increase by 340 billion yen if the plan is realized.