[Asia Economy Reporter Park Cheol-eung] The United Future Party is pushing for legislative amendments to reduce the tax burden on real estate.
On the 12th, Lee Jong-bae, the policy committee chairman of the United Future Party, said at a press briefing, "The government has announced its 22nd real estate measure, but stabilizing the real estate market seems far off," adding, "Our party will propose and pass amendments to the Housing Act, National Land Planning Act, and Urban Renewal Act to supply quality housing in areas desired by the public, thereby quickly normalizing the real estate market."
He continued, "We will promote amendments to the Comprehensive Real Estate Tax Act and the Income Tax Act to raise the tax base deduction amount for housing and to abolish the heavy taxation on capital gains for single-homeowners to alleviate excessive tax burdens." This is in direct opposition to the government's and ruling party's tax increase policies.
The United Future Party has selected 10 legislative tasks across four major areas for this extraordinary session of the National Assembly: realizing a fair society, overcoming the COVID-19 crisis, revitalizing the economy and improving people's livelihoods, and establishing a secure safety system.
Lee said, "We will focus on fair hiring for youth jobs, measures to prevent the Yoon Mee-hyang scandal, and establishing parliamentary democracy," adding, "For fair hiring of youth jobs, we will do our best to pass the Public Institution Operation Act and Local Public Enterprise Act, which legally regulate the specific procedures and methods of hiring to ensure transparency and full disclosure."
He further stated, "To prevent the Yoon Mee-hyang scandal, we will promote the Public Interest Corporation Establishment and Operation Act to build and operate an accounting information system for public interest corporations, the Act on Fundraising and Use of Donations which introduces a national participation verification system and a donation information system, amendments to the Inheritance and Gift Tax Act, and amendments to the Subsidy Management Act to require submission of audit reports and verification of settlement reports."
Regarding the election system, he said, "We will push for amendments to the National Assembly Act to operate the Assembly through cooperation rather than unilateral decisions, and improve the election system by abolishing the semi-proportional representation system that distorts voter intentions through the Public Official Election Act."
Additionally, the party will promote the Basic Act on Service Industry Development, expand deduction limits for earned income workers, extend the reduction of individual income tax on automobiles, and extend the 80% income deduction on credit card usage. Lee said, "To induce corporate investment and create quality jobs, we will actively promote the Corporate Tax Act to simplify the current four tax base brackets into two brackets?under 500 million KRW and over 500 million KRW?and apply tax rates of 9% and 18% respectively to encourage corporate investment."
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