Lee Jae-myung: "No Change in Thoughts on Capital Gains Tax Suspension... Must Help Multi-Homeowners Release Properties"

Lee Jae-myung, the Democratic Party presidential candidate, is announcing his science and technology policy pledges at the party headquarters in Yeouido, Seoul, on the 22nd. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Koo Chae-eun] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, on the 22nd, regarding the temporary suspension plan of the capital gains tax surcharge for multi-homeowners opposed by the Blue House and the government, stated, “I still believe that temporarily helping multi-homeowners to put their properties on the market is beneficial both for them and for the market,” firmly expressing his stance.

After attending the 60th anniversary ceremony of the Korean Women Journalists Association held at the Press Center in Jung-gu on the same day, Lee told reporters, “The capital gains tax surcharge for multi-homeowners is not intended as a punishment or to increase tax revenue, but to increase the supply of properties. The excessive capital gains tax burden is currently preventing properties from being put on the market,” he explained.

He added, “I am not saying to abolish the capital gains tax surcharge itself. I plan to continue persuading for a temporary suspension. If it doesn’t work before the election, I will pursue it after the election. I believe the opposition party will not oppose it either.”

Lee also said, “We need to distinguish between the purpose and means of administration. The administrative goal of the capital gains tax surcharge for multi-homeowners is to encourage them to put properties on the market, but since it is causing side effects that prevent actual listings, we need to temporarily or gradually assist the appearance of properties on the market.”

Amid the government and Blue House repeatedly expressing opposition on the day, Lee reaffirmed the 'temporary suspension theory of the capital gains tax surcharge for multi-homeowners.' Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said at the real estate market inspection meeting, “Considering market stability, policy consistency, and fairness issues, there are no plans to change the tax system.” Lee Ho-seung, Director of Policy Office at the Blue House, also expressed opposition, saying, “It is difficult to choose this option at this time.”