Why is most of the Korean media complaining that raising the minimum wage to a little under $8 an hours going to wreck small businesses and the economy?
Why are they not complaining about unfair labor laws and the growing divide between the rich and poor?
I supposedly live in a half million dollar apartment (condominium). It is very small and run down. I pay about $400 a year in property tax. The extremely wealthy with multi-million dollar homes and buildings pay about the same rate as I do.
As I stated before, I would gladly pay much more in property taxes, if the rich pay their fair share. Supposedly, raising property taxes will cause property values to plummet and ruin the economy according to most Korean media.
Property taxes are between 0.15% to 0.50%, but are levied on the official property value which is about half of the real value. So, in effect it is about 0.08% to 0.30%.
Corporate tax is 10% on income under about $180,000, and 20-22% for amounts over $180,000.
Businesses get preferential electricity rates with regular consumers getting shafted with up to triple rates for peak periods. Consumer rates are much higher than business rates.
I could go on and on.
Joongang Daily: Tax changes for next year narrow the income gap
Editorials complaining about wage increases, reduced working hours and other reforms. Very similar to the tone on TV media, very pro-wealthy.
Joongang Daily: Runaway government
Korea Herald: Substantial, not conceptual, growth
