Choi Jae-hyung Launches 'Attack on Lee Jae-myung'... "Land Ownership Tax Is a Fine Disguised as a Tax"

Former Auditor General Choi Jae-hyung (Photo by Yonhap News)

[Asia Economy Reporter Kum Boryeong] Choi Jae-hyung, a presidential candidate from the opposition, has opposed Gyeonggi Province Governor Lee Jae-myung's proposal to introduce a land holding tax. This reflects his ongoing efforts to check Lee, a ruling party presidential candidate.

On the 24th, Choi stated on Facebook, "The government should not recklessly seize the property of the people."

Governor Lee has pledged to provide a universal basic income to all citizens and proposed raising funds by imposing a land holding tax. He views the increase in assets due to rising real estate prices as unearned income and aims to curb it.

In response, Choi said, "The profit from asset price increases is not unearned income; it is an unrealized gain," adding, "Unrealized gains cannot be taxed because the profit is not confirmed. When the profit is realized, capital gains tax is imposed on the realized profit."

He continued, "Taxing unrealized gains is merely a penalty disguised as a tax imposed where there is no profit. Since when has there been a law in our country that punishes holding real estate?" He criticized, "This is essentially the government’s idea of confiscating the people's property. It is suspicious whether they intend to recklessly steal the people's property like Robin Hood and pretend to be a righteous outlaw."

Choi also said, "The reason for the existence of the state is to protect the lives and property of its citizens. I cannot agree with the idea that the state would seize the lives and property of its people instead of protecting them," emphasizing, "The right to pursue happiness guaranteed by the Constitution includes the right to live in the house one wants. The people's desire to live in a pleasant and well-equipped home should not be slandered as if they are living an unjust life by unearned income or exploitation."

He added, "If I become president, I will never introduce a tax that recklessly seizes the people's property," and stressed, "If the political circles attempt such a thing, I will firmly oppose it."

Choi has been sharpening his criticism toward Governor Lee day after day. The day before, he also criticized Lee’s basic income plan, saying, "It is a plan to spend 50 trillion won annually, which is a burden on the people, to give every citizen 80,000 won per month," and remarked, "It would be better to call it a nationwide dining-out allowance rather than a basic income."