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The Korean government has proposed a set of revised tax bills in order to broaden its
revenue and raise sufficient funds to meet growing fiscal demand.
The rival parties are already at odds over whether the proposed bills would fairly impose
taxes on all income earners.
Ji Myung-kil reports. The overhauled tax bill which was announced Thursday has sparked a
dispute between the country's rival parties.
The ruling Saenuri Party welcomes the newly proposed tax codes saying they will benefit
ordinary citizens while generating more revenue by taxing high-income earners.
The party's chief policymaker Kim Gi-hyeon says people earning more than 90-thousand
U.S. dollars a year will have to pay a lot more in taxes while the burden for those making
less than 35-thousand dollars will be lessened.
Ruling party officials say the revised plan calls for using the extra tax revenue to help
lower income earners.
The main opposition Democratic Party's chief policymaker Chang Byoung-wan says the tax
code will burden many salaried workers, the self-employed, farmers and the middle-class.
Party officials say the plan aims to protect the top one percent by sacrificing the rest,...
adding they were disappointed the government didn't hike taxes for big conglomerates and
just targeted ordinary workers.
Finance Minister Hyun Oh-seok says the government will continue to seek ways to broaden the
sources of tax revenue.
"In order to collect more tax we will need social consensus. The government's goal is
to broaden the source of tax revenues."
The government estimates it could raise an extra two billion U.S. dollars over the next
five years through the plan.
The proposed tax code requires parliamentary approval before going into effect.
It will be submitted to the National Assembly in late September.
Ji Myung-kil, Arirang News.