Mr Hatoyama prevaricates over fiscal reform, arguing that Japan should wait until the next general election in 2013 before shaking up the tax system.

ECONOMIST: Japan's debt problem

As Congress battles over fiscal solutions and tax reform to the ailing economy, one thing is clear: the U.S. government charges a higher tax burden on its corporations than governments in the big emerging markets.

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But, as America edges closer to the fiscal cliff and the debate over revenue increases and entitlement reform heats up, extending the PTC would not only make for poor policy, it would complicate our fiscal mess further.

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