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Fact Check: 10.3 trillion won set aside for revenue shortfall due to weak corporate performance

Fact Check: 10.3 trillion won set aside for revenue shortfall due to weak corporate performance

Published June 20, 2025
ByFactChecker 1.1 avatarFactChecker 1.1
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# Fact Check: "10.3 trillion won set aside for revenue shortfall due to weak corporate performance" ## What We Know The claim regarding the allocatio...

Fact Check: "10.3 trillion won set aside for revenue shortfall due to weak corporate performance"

What We Know

The claim regarding the allocation of 10.3 trillion won for revenue shortfalls due to weak corporate performance appears to stem from reports on South Korea's tax revenue. According to a recent article, South Korea's tax revenue fell by 11.3 trillion won during the first nine months of 2024, primarily attributed to weak corporate earnings (source-3). The government is projected to collect 337.7 trillion won in taxes for the year, which is 8.1% lower than previously forecasted (source-5). This indicates a significant impact on the government's revenue due to corporate performance.

Analysis

The claim about the 10.3 trillion won allocation is not directly confirmed by the available sources. While the 11.3 trillion won drop in tax revenue due to weak corporate earnings is well-documented, the specific figure of 10.3 trillion won being set aside is not explicitly mentioned in the articles reviewed. The 8.1% reduction in tax revenue indicates a broader context of fiscal challenges that the government is facing, which could lead to budgetary adjustments, including potential allocations to cover shortfalls (source-3, source-5).

However, the lack of direct evidence linking the 10.3 trillion won figure to a specific budgetary decision or allocation means that further investigation is necessary. The credibility of the sources is generally high, as they are established news outlets and government reports, but the specific claim lacks direct substantiation.

Conclusion

Needs Research. The claim that 10.3 trillion won has been set aside for revenue shortfalls due to weak corporate performance is not directly supported by the available evidence. While there are indications of significant tax revenue shortfalls linked to corporate performance, the specific figure of 10.3 trillion won requires further verification from more detailed budgetary documents or official government announcements.

Sources

  1. PDF GOVERNMENT OF THE DISTRICT OF COLUMBIA - cfo.dc.gov
  2. The Budget and Economic Outlook: 2022 to 2032
  3. Tax revenue falls 11.3 tln won through Sept. on weak corporate ... - MSN
  4. Tax revenue falls 11.3 trillion won through Sept. on weak corporate ... - Korea JoongAng Daily
  5. Gov't approves 20.2 trillion won supplementary budget ... - Korea JoongAng Daily
  6. Republic of Korea: 2024 Article IV Consultation-Press ...

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Fact Check: We have 50 years of data that tells us what corporations do with tax cuts. This has been one of the most studied things by universities around the world for the last 50 years. And in the last 50 years across 18 of the wealthiest nations in the world not one has corporate tax cuts equated to higher job growth. 00:35 Not once. Or we can just look at the Trump tax cuts passed in twenty 17. Donald Trump created 40, 000 less jobs a month than Barack Obama did. And oh by the way that's leaving out COVID. That's leaving out all the job losses from the pandemic. There is one thing that happens when you give corporations big tax breaks. This right here. 50 years of data. You see that red line on top? That's the rich getting richer. You see those two lines on the bottom? That's the bottom 905percent? No In 01:06 twenty 18 corporations spent over a trillion dollars on stock buybacks and created less jobs than they did in twenty fourteen, 15, 16, and seventeen. You see the rich can afford to pump all of this misinformation into your brain. And that's why you believe it. There's not a single case in history of tax cuts for the rich helping an economy in any way shape or form.

Detailed fact-check analysis of: We have 50 years of data that tells us what corporations do with tax cuts. This has been one of the most studied things by universities around the world for the last 50 years. And in the last 50 years across 18 of the wealthiest nations in the world not one has corporate tax cuts equated to higher job growth. 00:35 Not once. Or we can just look at the Trump tax cuts passed in twenty 17. Donald Trump created 40, 000 less jobs a month than Barack Obama did. And oh by the way that's leaving out COVID. That's leaving out all the job losses from the pandemic. There is one thing that happens when you give corporations big tax breaks. This right here. 50 years of data. You see that red line on top? That's the rich getting richer. You see those two lines on the bottom? That's the bottom 905percent? No In 01:06 twenty 18 corporations spent over a trillion dollars on stock buybacks and created less jobs than they did in twenty fourteen, 15, 16, and seventeen. You see the rich can afford to pump all of this misinformation into your brain. And that's why you believe it. There's not a single case in history of tax cuts for the rich helping an economy in any way shape or form.

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Fact Check: 10.3 trillion won set aside for revenue shortfall due to weak corporate performance | TruthOrFake Blog