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Economy Growing Tax Burden
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Growing Tax Burden [Measures Needed to Ease People's Financial Hardship]
People's tax burden is predicted to rise next year, raising concerns about financial hardship amid uncertainties over the economy. The Ministry of Finance and Economy said Friday that each South Korean will be required to pay a record high of 4.34 million won ($4,680) in taxes in 2008, 4.8 percent up from this year's estimated 4.14 million won. Salaried workers' average income tax payment will grow 5.9 percent to 2.14 million won ($2,300). Not a few workers are worried that their real income might diminish next year due to a heavier tax burden.
According to the budget plan, national tax revenue is expected to increase 4.6 percent to 165.6 trillion won next year from this year. Including local taxes, the country will collect a total of 210.8 trillion won in taxes. The sum will account for 21.8 percent of the country's gross domestic product (GDP) estimated at 968.9 trillion won. Officials said the tax burden rate will represent a slight decrease from this year's 22.2 percent. Citing the falling percentage, they tried to play down public fears over the higher tax burden.
However, people believe that they will have to pay more taxes even though the tax revenue-GDP ratio declines. Critics claimed that the percentage could drop naturally because the GDP is to rise higher than the tax revenue increase. They said the actual amount of tax people pay would grow despite the decreasing ratio. In particular, they are critical of this year's 22.2 percent ratio, far higher than government's projected 20.6 percent. The jump proves that the government collected more taxes than it had forecast.
Ministry officials just said that individuals' tax burden might look heavier than the actual figures. They added the per capita tax will inevitably increase, albeit not significantly, because of dwindling population growth. However, they must realize that people's tax burden is far higher than that of advanced countries.
On the heels of the contagion effect of the U.S. subprime mortgage turmoil and soaring crude oil prices, the Korean economy might experience downward growth. In this situation, people are likely to suffer from financial hardship due to an increase in taxes. Policymakers should hammer out proper measures to ease the burden, which could stimulate consumption and thereby help boost the economy.
Question
1. What do you think about growing tax burden and present tax rate?
2. When did you feel tax is too burden for you?
Talk about your experiences freely. (It is not limited utility tax but every tax.)
3. Do you think the government spend tax which is paid by us efficiently?
And when you pay tax by yourself, are you willing to pay all tax? If not, what is the problem?
4. If you were a policymaker, how will you reduce the tax rate?
-♡For your tips♡-
*gross domestic product (GDP) : 국내총생산
*per capita : 1인당
*sub-prime mortgage : sub-prime(최고급 다음가는; 최우대 대출 금리보다 낮은) mortgage(양도) → 미국에서 신용등급이 낮은 저소득층을 대상으로 고금리로 주택마련 자금을 빌려 주는 비우량 주택담보대출.
*utility tax : 공공설비(전기·가스·상하수도·교통 기관 등)에 대한 세금
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