Billionaire Families Lose Hope for Tax Cut After Korean Vote
- South Korea’s inheritance tax ranks near the top in OECD
- President Yoon floated the idea of revisions before election
Officials count ballots following a parliamentary election on April 10.
Photographer: SeongJoon Cho/BloombergSome 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.