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[Graphic News] Tax burden ratio

By Park Hyung-ki

Published : Aug. 11, 2013 - 21:40

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The government plans to increase Korea’s tax burden in proportion to its national output from 20.2 percent to 21 percent over the next four years. This is part of efforts to service growing welfare costs in the long-run at the expense of increasing taxes on average workers.

Its recent proposal to replace income tax deductions with tax credits and raise tax rates for the top 20 percent of earners resembles the path European nations took in creating welfare states.

[Graphic News] Tax burden ratio

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