While Korean households are facing low economic growth and stagnant incomes as a new normal, their tax burden has been increasing steeply due to both extraordinary government spending on pandemic countermeasures and its overall expansion of social welfare policies. Economists warn that the tax burden will only snowball for future generations even after the pandemic as the country is going through an unprecedented aging of its population. According to the Korea Economic Research Institute, a think tank under the Federation of Korean Industries, Koreans are seeing the steepest rise in their taxes among the Organization for Economic Cooperation and Development (OECD) member countries.



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