Sim Sang-jung to Lee Jae-myung: "Let's Enact the Land Excess Profit Tax Act Even in November"

[Asia Economy Reporter Oh Ju-yeon] On the 26th, Sim Sang-jung, the Justice Party presidential candidate, proposed to Lee Jae-myung, the Democratic Party presidential candidate, to "enact the Land Excess Profit Tax Act even within November."

Sim Sang-jung, the Justice Party presidential candidate, is attending the Justice Party presidential candidate-Executive Committee meeting held at the National Assembly on the 14th, delivering a greeting./Photo by Yoon Dong-joo doso7@

On that day, Candidate Sim said through Facebook, "Yesterday, when Lee Jae-myung resigned from his position as Governor of Gyeonggi Province, he said, 'Unnecessary real estate ownership should become a burden or loss.' That was welcome news to hear. I have already provided the answer," adding this.

Candidate Sim emphasized, "The 'Land Excess Profit Tax Act' that I proposed is a system that taxes unnecessary land ownership, enhances the public nature of land that 50 million people should use together, and strongly recovers unearned income."

However, she urged the prompt passage of the bill, saying that the National Assembly is delaying its approval.

Candidate Sim pointed out, "The Democratic Party is not even considering deliberation while the bill remains in the National Assembly drawer," and asked, "With a supermajority of 180 seats, why wait until later?" She continued, "Didn’t Representative Song Young-gil also say he would focus on legislating Lee Jae-myung’s policies?" and questioned, "Lee Jae-myung remained silent even during the Democratic Party’s worsening of the comprehensive real estate tax, so if it’s not just talk, let’s enact the 'Land Excess Profit Tax Act' even within November," she emphasized.

Regarding the real estate pledges of opposition presidential candidates, she criticized them as "befitting the original party of real estate speculation."

Candidate Sim said, "Yesterday, People Power Party candidate Hong Jun-pyo announced a pledge to abolish the comprehensive real estate tax. Candidate Yoon Seok-youl has said he would fully review the comprehensive real estate tax," and criticized, "They are competing in a 'rich tax cut race.'" She then pointed out, "Because the People Power Party and the Democratic Party colluded to ease the tax base to properties with a publicly announced price of 1.1 billion won or more, the tax base, which originally applied to only 3.7% of all houses, has already been reduced by more than half."