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KMID : 1124020140300010051
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Korean Social Security Studies
2014 Volume.30 No. 1 p.51 ~ p.80
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Awareness and effects of Earned Income Tax Credit in Korea
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Park Neung-Hoo
Im Geum-Bin
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Abstract
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This paper examines the effects of Earned Income Tax Credit in Korea, in terms of earned income and days worked. The Korean Welfare Panal Data is used for empirical analysis of this study using a multiple regression analysis model. The statistical analysis shows that the earned income of household heads who are aware of the EITC has significantly increased than that of household heads being unaware of the EITC. However, the days of working of household heads do not reveal any significant change in both groups. In addition, the empirical study shows that only a small portion of household heads are recognizing the existence of the EITC. Based on the analysis, a couple of policy implications are suggested. First, it is needed to implement more positive strategies increasing people`s awareness of EITC. Second, enlarging the upper limit of earned income level should be taken to make more people eligible for EITC.
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KEYWORD
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awareness of EITC, labor supply, earned income, days of working
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