South Korea to be Tops in Welfare Spending by 2040

SEOUL, Sept. 6 (Korea Bizwire) — South Korea’s tax-to-GDP ratio needs to surpass the 35 percent mark by 2060 to meet the government’s social welfare-related spending plan, a local think tank said Wednesday. The report by the Korea Economic Research Institute (KERI) comes as the ruling Democratic Party proposed hiking up tax rates for the [...]