Reductions in individual marginal tax rates for all tax brackets.



National Tax Percentages By way of comparison, if you make 2 000 000 Won per month, you can expect to pay approximately 28 950 Won in Income Tax. However, the original higher rates are scheduled to be reinstated in 2011. The estate tax is fully reinstated for decedents dying in or after 2011. Granted, many of you will proclaim that you have other withholding deductions taken from your salary.

Income Tax is a progressive tax, meaning that the more you make, the more you have to pay in tax. Reductions in individual marginal tax rates for all tax brackets. The previous tax rules, under which dividends were taxed as ordinary income, and long-term capital gains faced a 20 percent maximum rate, will be reinstated in 2009.

My own view is that doubts about the ethical foundations of the estate tax together with its failure to achieve its putative goals render it a good candidate for removal. Extending the elimination of the tax beyond 2010 is a good idea.