Taiwan's Parliament has approved, what it called, a rich man's tax on nearly 10,000 of the island's wealthiest people in a bid to narrow the widening income gap.Starting next year, those with annual net income of over 333,000 US Dollars, or the richest 1.5 per cent of individuals or families, will be subject to a 45 per cent income tax rate, up from the current 40 per cent, said the finance ministry.The revised income tax law passed by Parliament on Friday also includes business tax hikes on banks and insurers as well as more tax deductions for low-income families, salarymen and the disabled, the ministry said.It is expected to generate an extra 65 billion Taiwan Dollars more a year in revenue for the government.Taiwan's income gap reached a record level in 2011, as the wealthiest families earned 96 times more than the poorest, according to the latest official data.