After the losses in legislative elections by President Yoon Suk Yeol's People's Power Party, it appears that cuts in inheritance taxes for Korea's hyper-wealthy is dead, which means that the chaebol families are having a major sad.
Won't someone please think of the Oligarchs?
They have children who are completely incapable of putting in an honest day's work, and the inheritance taxes could leave them ……… Just insanely wealth, not obscenely wealthy:
Some of the richest people in South Korea may be among the biggest losers from elections last week that all but ended a proposal to cut one of the highest inheritance tax rates in the developed world.
President Yoon Suk Yeol had been looking to reduce the levy, a move that requires parliamentary approval, but his conservative People Power Party suffered a stinging blow in the vote that saw it lose seats in the body. Meanwhile, the main opposition bloc increased the size of its majority and is looking to have wealthy individuals and sprawling conglomerates — known as chaebol in the country — pay more in taxes.
South Korea’s regular maximum inheritance levy of as much as 50% is the second-highest among members of the Organisation for Economic Co-operation and Development, after 55% in Japan, and can go as high as 60% in the case of inheritance from a person listed as the top shareholder. The rate is meant to prevent families, such as those behind the chaebol that dominate the corporate landscape, from passing down the bulk of their fortunes and maintaining what critics contend is a disproportionate influence over the economy.
The real cause for upset here is how low the, "Second highest," inheritance tax is.
Even with these taxes, their children have the resources to do anything, and likely still have the resources to do nothing, it's likely that their grandchildren will have the same advantages, even with the high tax rate.
………
When given a choice between Yoon’s pro-investor policies and the Democratic Party’s push to increase taxes on chaebol and the wealthy, voters mostly went with the opposition. The DP bloc left with 175 seats in the 300-seat unicameral parliament known as the National Assembly, while the PPP bloc was at 108.………
“The idea of cutting inheritance tax may lose momentum after the opposition’s landslide victory in the election,” said Park Sangin, a professor at Seoul National University’s Graduate School of Public Administration. “It won’t be easy for the opposition bloc to agree to an easing of the inheritance tax as it criticized tax cuts for the wealthy during the election campaign.”
Some history here: The chaebol were not the product of corruption, with their success a result of extensive state support in exchange for bribes of various sorts to governments of Syngman Rhee and Park Chung Hee.
To quote Honoré de Balzac, "Behind every great fortune, there is a crime."
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