President Kim Urges Fair Tax on Inheritance

President Kim Dae-jung said on July 15 that tax should be imposed on properties that children inherit from their parents or anyone else because it is a kind of unearned income. Otherwise, our society would be full of complaints about the unfairness of properties passed down without any inheritance tax properly payed.
In a breakfast meeting with superintendents of tax offices from across the nation held at Chong Wa Dae (the Blue House), President Kim suggested to four reform methods for the realization of fair taxation including higher tax payments by people in high-income brackets and strict collection of inheritance tax and donation tax
President Kim demanded the superintendents create avenues for reforming the current taxation system before the regular session of the National Assembly opens in September, adding that fair taxation is vitally important to the country's well-being.
He also recommended that they consider creating a system in which receipts would be numbered so as to prevent widespread tax evasion.
Seo Jang-soo:jsbee@joongang.co.kr