This keynote will discuss pressing issues with contemporary tax systems in Korea and globally, and solutions to address these issues. A growing body of evidence shows that ultra-high-net-worth individuals have particularly low tax rates, lower than that of all other socio-economic groups. Through domestic measures and international action, it is possible to invent a new system of taxation reconciling economic openness with tax justice. Copyright ⓒ Maeil Business Newspaper. All rights reserved. Unauthorized reproduction, redistribution, and use (including for AI learning) are prohibited.