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Increasing Tax Revenue

[Anchor Lead] Following controls on the real estate market, the Moon Jae-in administration has unveiled new tax policies. The government seeks to collect more tax revenue from high income earners and large firms to create jobs and support the public livelihood. Political pundits say an era of higher taxes on the wealthy has begun. [Pkg] Under the tax revision, the income tax rate on people whose taxable income exceeds 500 million won a year will rise from 40 to 42 percent. Also, the rate will rise to 40 percent for those earning between 300 and 500 million won. The change will affect 93-thousand high income earners. Meanwhile the highest corporate tax rate will also be raised from 22 to 25%, increasing the tax burden on some 120 large companies. The transfer income tax rate which applies to major shareholders when they unload their stocks will also increase. [Soundbite] Kim Dong-yeon(Deputy PM for Economy) : "The government saw it right to adjust tax rates on certain income brackets and large firms that have relatively more capacity on tax payments." The government estimates that by collecting more taxes from large firms and high income earners, tax revenue will increase by around 5.5 trillion won annually. The funds will first go into creating jobs. Until now, the government indirectly supported employment via investment but now it has changed that to direct assistance, providing tax deductions per hire without requiring corporate investment. More tax breaks will be provided to firms that employ the socially vulnerable such as youths or women following childbirth. Meanwhile tax burdens on the working and middle class will be reduced. A 10% increase in employment subsidies will aim to aid low income earners. Tax exemptions on monthly rent and medical costs for major diseases will also be expanded. The government will submit the tax revision bill to the National Assembly on September first.