An Evaluation of the Individual Income Tax Reform Plans of 2006
Asian Tax Journal Vol. 7 No. 3 (2006), pp. 169-197
Abstract
This study evaluated the individual income tax reform plans of the government that had been reported through the media in February 2006. This study mainly analyzed and evaluated the plans to make bona fide tax reporting of self－employed businessmen, to introduce the Earned Income Tax Credit (EITC), to reorganize income deductions, to simplify the taxation system and reporting procedures, and to introduce an all－inclusive system for income taxes according to types. This study suggested additional considerations and alternatives, if there is any necessity. Although many plans meet the objectives of tax reform, many problems lie therein and must be considered in a specific sense. Some tasks should be done primarily before implementing the plans. In order to settle a better taxation system in which the income redistribution function works effectively while meeting financial demands, it is required to listen positively to the opinions of the people related to the tax reform and to accept reasonable evaluations as well as alternative suggestions from the experts.
Keywords
- tax reform proposal
- earned income tax credit(EITC)
- simplification of the taxation system
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