Jo Kyung-tae: "Comprehensive Real Estate Tax with No Purpose or Effectiveness Must Be Immediately Abolished"

"Number of Payers Increases by 290,000 Compared to Last Year"

[Image source=Yonhap News]

[Asia Economy Reporter Park Jun-yi] Jo Kyung-tae, a lawmaker and presidential candidate of the People Power Party, stated, "The comprehensive real estate holding tax (종합부동산세, 종부세), which was introduced based on ideological logic and has lost both its purpose and effectiveness, must be immediately abolished."

On the 4th, Jo held a press conference at the National Assembly and said, "On November 21st last year, the National Tax Service issued 종부세 tax bills to 1.22 million citizens. The number of taxpayers increased by 290,000 compared to last year, and 8.1% of the total 15.08 million homeowners are required to pay 종부세."

Currently, the ruling party and government are promoting measures to ease the 종부세 burden, such as abolishing the heavy tax rate on multiple homeowners, arguing that 종부세, originally considered a tax on high-value asset owners, has become a tax that ordinary citizens can also pay. However, the opposition party is resisting by proposing amendments to raise the tax base threshold to a publicly announced price exceeding 1.1 billion won.

Jo emphasized, "The 종부세, introduced in 2005, was originally intended to impose punitive taxation on a very small number of high-value asset owners, corresponding to the top 1%, to curb real estate speculation. The tax, which was supposed to be levied only on high-value asset owners, has turned into a tax bomb for the middle class."

He also criticized Lee Jae-myung, leader of the Democratic Party of Korea, saying that Lee pledged to ease the 종부세 during his presidential campaign and added, "Promises made to the people should not be discarded just because the election is over."