Rival political parties have agreed to introduce a new bracket for the separate taxation of dividend income, setting a maximum rate of 30 percent for those who make at least five billion won, or around three-point-four million U.S. dollars.

The decision was announced Friday by the parliamentary Strategy and Finance Committee vice chairs representing the ruling Democratic Party(DP) and the main opposition People Power Party(PPP).

DP Rep. Jung Tae-ho said the super earners who will pay 30 percent account for zero-point-001 percent of all dividend income earners, and that the parties agreed to establish the new bracket to ensure fairness in taxation.

PPP Rep. Park Soo-young said the maximum rate will apply only to about 100 people, and that the parties agreed to lower taxes for the next-highest bracket, people bringing in dividends between 300 million won and five billion won, to 25 percent instead of the 35 percent the government originally proposed.

The two sides also agreed on a 14 percent tax rate for dividend income of up to 20 million won, and 20 percent for amounts ranging from 20 million won to 300 million won.