Kwon Seong-dong Emphasizes 'Postponement of Financial Investment Tax'... "It Will Become the Ants' Tears Law"

Urgent Forum 'Ants Come First' Held on the 25th at the National Assembly to Urge Postponement of Financial Investment Tax

Kwon Seong-dong, People Power Party member / Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Bomryeong Geum] Kwon Seong-dong, a member of the People Power Party, has supported the postponement of the Financial Investment Income Tax (Fintax) law. He particularly criticized the Fintax as a "harsh law that breaks the piggy banks of ordinary people" and called it the "Ant Tears Law."

On the 25th, Kwon held an urgent forum at the National Assembly titled "Ants Come First," urging the postponement of the Fintax. The Fintax was originally scheduled to be implemented in January next year, but there has been strong opposition, especially from individual investors. The ruling and opposition parties continue to clash over whether to postpone or enforce the Fintax.

In his opening remarks at the forum, Kwon said, "The Democratic Party is trying to push the Fintax through. They are going against the times," and pointed out, "The Fintax will end up as the 'Ant Tears Law' that aims to catch whales but only catches ants."

He continued, "14 million stock investors are expressing anxiety over the enforcement of the Fintax. This anxiety is one of the recent factors behind the stock price decline," adding, "With such widespread anxiety among investors, who would plan for long-term investments?"

Kwon also said, "Instead, the resentment of long-term investors who risk and save money bit by bit like pocket money to prepare for their children's future is only growing. Young people are crying out that the Democratic Party has kicked away even the ladder for asset formation," and stated, "The Fintax is a harsh law that breaks the piggy banks of ordinary people."

Kwon made it clear that postponing the Fintax should be the priority. He explained, "If the stock market crashes due to the enforcement of the Fintax, the originally expected tax revenue effect cannot be achieved," and added, "At least at this point, introducing the Fintax is a foolish decision that harms stock investors, companies, and the government alike."

He emphasized, "The people can share in the performance of companies through stock investments," and said, "Now, the state should recognize the status of stock investment as a ladder for citizens' asset formation and begin institutional considerations to manage it transparently and efficiently."

The forum was attended by Park Young-ok, CEO of Smart Income; Jeong Eui-jeong, CEO of the Korea Stock Investors Association; Lee Young-joo, Director of the Financial Taxation Division at the Ministry of Strategy and Finance; and Ryu Seong-jae, Deputy Director of the Capital Market Division at the Financial Services Commission.