Taxing The Wealthy

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Taxing The Wealthy

The government has decided to beef up its inspections of individuals who fall into the high-income bracket category.

The wealthy will have to submit 92 income-related documents to the National Tax Service (NTS). In this instance, the decision by the government to intensify its inspection of those that fall into the 'high-income' bracket is a natural one.

In particular, the government should thoroughly investigate those living in luxury without declared incomes. Furthermore, the government should impose heavy fines on those that disobey tax laws in order to stem the rising number of tax evasion cases.

In addition, the new system should not be used for the convenience of the NTS or unfairly invade the privacy of individuals. For example, the registration materials on cars with displacements that exceed 2,400 cubic centimeters are reported to the National Tax Service. However, the National Tax Service is unable to investigate all of the individual cases that are in its system. In addition, the system can make mistakes that result in those with wealth being unfairly criticized and persecuted. For example, those that purchased imported vehicles during the economic crisis were automatically audited. For a brief period of time, dealerships suspended any and all sales of imported vehicles.

Any information regarding vacation homes, luxury houses and financial information should be handled with discretion. The government, in its quest to increase purchases made through credit cards, must not create a situation where the actual number of purchases decreases.

The government must use its ability to tax as a means of inspiring the public's confidence. Only after the Korean peoples'mistrust of the government disappears will the governemnt be able to properly enforce its tax laws.

by Kim Il

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