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Improving fiscal accountability of tax expenditure: the case of the Earned Income Tax Credit in Korea

In: Fiscal Accountability and Population Aging

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  • YoungWook Lee

Abstract

The Earned Income Tax Credit, a tax expenditure program to support the working poor in Korea, has continually expanded since its introduction in 2008. This study examines the interconnections between the EITC and other transfer programs, which can create income reversals with marginal tax rates reaching up to 125% and can result in lower income when a household exits the program. Tax and direct expenditure programs are independently managed by different ministries and need to be reviewed comprehensively. To improve fiscal accountability in tax expenditure, the overall effectiveness of tax and direct expenditures should be jointly evaluated, and micro-level data on tax and direct expenditure programs should be linked to common policy objectives.

Suggested Citation

  • YoungWook Lee, 2021. "Improving fiscal accountability of tax expenditure: the case of the Earned Income Tax Credit in Korea," Chapters, in: Robert L. Clark & YoungWook Lee & Andrew Mason (ed.), Fiscal Accountability and Population Aging, chapter 6, pages 118-135, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19940_6
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    Keywords

    Asian Studies; Economics and Finance;

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