ID :
204990
Sat, 09/03/2011 - 10:14
Auther :
Shortlink :
https://oananews.org//node/204990
The shortlink copeid
Donation infrastructure
(EDITORIAL from the Korea Times on Sept. 3)
A proposal to provide welfare benefits to donors in financial distress is a step in the right direction. Korea badly needs to build an infrastructure for donation. Donors should enjoy tax benefits and social respect.
The ruling Grand National Party has initiated the bill. The government would provide a subsidy to donors when they become poor in their post-retirement life. The benefits would go to the providers of more than 3 billion won ($2.9 million). They could get a monthly stipend, medical coverage and even funeral expenses.
The media minted the legislation as the singer Kim Jang-hoon bill. The singer is the symbol of donors as he lives in a rented house after donating more than $10 million over the past decade.
Donations are not so common in Korea as in Western countries. The current tax system is responsible. A businessman must pay 14 billion won in tax for donating 21.5 billion won to his alma mater in 2008.
American donors enjoy tax exemption on 35 percent of their assets when they offer them to a charity foundation. The nation???s maximum inheritance and gift tax rates run as high as 60 percent. Tax benefits are unavailable to providers of property, art works, cars and jewelry in Korea.
The expensive tax rate has been in effect because tycoons had utilized the foundation as a way of transferring management rights to their sons and daughters.
The nation will not see such philanthropists as Bill Gates and Warren Buffet without changing the current punitive tax rate.
The society needs to acknowledge donors. Streets, park and public facilities can be named after philanthropists. Currently, universities glorify donors by naming halls and buildings after donors.
American businessmen Carnegie and Rockefeller became public icons of respect long after their deaths as the society eulogized their charitable acts.
President Lee Myung-bak donated 30 billion won to a scholarship foundation just ahead of the 2007 presidential election. Samsung Group Chairman Lee Kun-hee also donated 800 billion won to help cash-strapped students five years ago.
Despite their ill-timed donations, society should not be cynical of the honorable deeds. Social acclaim must go to the Hyundai owners for their contribution of 1 trillion won aiming to narrow the widening social and economic polarization.
Donations should be voluntary. In Korea, the rich are often pressed to donate against their will. A donation is not the only duty of the rich. Ordinary citizens will participate in small donations once they enjoy tax incentives. A tax incentive is the most effective tool for creating a culture of sharing.
A proposal to provide welfare benefits to donors in financial distress is a step in the right direction. Korea badly needs to build an infrastructure for donation. Donors should enjoy tax benefits and social respect.
The ruling Grand National Party has initiated the bill. The government would provide a subsidy to donors when they become poor in their post-retirement life. The benefits would go to the providers of more than 3 billion won ($2.9 million). They could get a monthly stipend, medical coverage and even funeral expenses.
The media minted the legislation as the singer Kim Jang-hoon bill. The singer is the symbol of donors as he lives in a rented house after donating more than $10 million over the past decade.
Donations are not so common in Korea as in Western countries. The current tax system is responsible. A businessman must pay 14 billion won in tax for donating 21.5 billion won to his alma mater in 2008.
American donors enjoy tax exemption on 35 percent of their assets when they offer them to a charity foundation. The nation???s maximum inheritance and gift tax rates run as high as 60 percent. Tax benefits are unavailable to providers of property, art works, cars and jewelry in Korea.
The expensive tax rate has been in effect because tycoons had utilized the foundation as a way of transferring management rights to their sons and daughters.
The nation will not see such philanthropists as Bill Gates and Warren Buffet without changing the current punitive tax rate.
The society needs to acknowledge donors. Streets, park and public facilities can be named after philanthropists. Currently, universities glorify donors by naming halls and buildings after donors.
American businessmen Carnegie and Rockefeller became public icons of respect long after their deaths as the society eulogized their charitable acts.
President Lee Myung-bak donated 30 billion won to a scholarship foundation just ahead of the 2007 presidential election. Samsung Group Chairman Lee Kun-hee also donated 800 billion won to help cash-strapped students five years ago.
Despite their ill-timed donations, society should not be cynical of the honorable deeds. Social acclaim must go to the Hyundai owners for their contribution of 1 trillion won aiming to narrow the widening social and economic polarization.
Donations should be voluntary. In Korea, the rich are often pressed to donate against their will. A donation is not the only duty of the rich. Ordinary citizens will participate in small donations once they enjoy tax incentives. A tax incentive is the most effective tool for creating a culture of sharing.
