[보도]Happy Tax Freedom Day to you

If you’re an average Korean worker, congratulations: If you spent all the money you earned since the beginning of the year on tax, today is the first day you’d earn money for yourself.

The Center for Free Enterprise said yesterday that on average Koreans spend 90 days working off their taxes, and the remaining 275 days earning their own income.

The CFE, a business think tank, said today was this year’s Tax Freedom Day.

Tax Freedom Day is calculated by dividing the nation’s total tax by the total net national income. That number is then divided by the number of working days in the year, according to the think tank.

This year’s total tax amounted to 222.46 trillion won ($160.8 billion), and total net national income was 901.59 trillion won. The ratio of taxation against national income was 24.67 percent.

The CFE has been announcing Tax Freedom Day annually, and it turns out the day has been getting later and later.

Tax Freedom Day this year took place 11 days after the date two years ago, which indicates a greater tax burden relative to the average worker’s income.

“The more the government tries to sponsor new projects, the more taxes people have to pay,” said Kim Chung-ho, the president of CFE.

Kim said a higher tax burden discourages the growth of private businesses and of the economy.

“The government should be more prudent in project planning and pursue more effective measures first,” he said.

By Lee Eun-joo [angie@joongang.co.kr]