South Korea should drastically reduce its 60 percent inheritance tax.

https://www.koreantopik.com/2025/03/south-koreas-inheritance-tax-one-of.html

In the past, Korea achieved rapid and remarkable economic growth under military dictatorship and state capitalism.

A 60 percent inheritance tax significantly contributed to Korea's rapid economic growth. Conglomerates, supported by the state capitalist system, contributed significantly to the economy through high inheritance taxes.

However, South Korea is now a liberal democracy and a free market system. This is an era where individual freedom, diversity, and the self-determination of individuals and businesses are paramount.

To maintain Korea's spirit of challenge and dynamism, the government must not interfere with the transfer of assets of businesspeople.

Indeed, there have been many cases of Korean companies being sold to overseas private equity funds due to inheritance tax.

To compete with neighboring China's economic and technological growth, inheritance tax must be drastically reduced.

I've heard that in the US, inheritance tax is waived even for $7 million.

In Korea, inheritance tax is often levied on even $150,000.

This can't be happening anymore.

It's becoming clear that inheritance tax contributes little to wealth redistribution.

Korea should either abolish its high 60 percent inheritance tax or drastically reduce it to 15 percent or less at the very least.