Yoon Hints at 'Inheritance Tax Relief'... Opposition Calls It a "Grand Slam of Ultra-Wealthy Tax Cuts"

"Fiscal Ruin from Tax Cuts for the Wealthy, How Will the Treasury Be Filled?"
"Yoon's Indiscriminate Tax Cut Remarks... Vote Populism Aimed at the General Election"

The Democratic Party criticized President Yoon Seok-yeol's suggestion of 'inheritance tax relief' as a "super-rich tax cut grand slam."

Lee Gae-ho, the Democratic Party's Policy Committee Chair, stated at the policy coordination meeting held at the National Assembly on the morning of the 18th, "Following the easing of capital gains tax on stocks, the abolition of financial investment income tax, and the elimination of heavy taxation on multiple homeowners, inheritance tax relief seems to be the final piece in the Yoon Seok-yeol administration's series of super-rich tax cuts."

Hong Ik-pyo, the floor leader of the Democratic Party of Korea, is speaking at the policy coordination meeting held at the National Assembly on the 18th. Photo by Kim Hyun-min kimhyun81@

He said, "At this point, I define it as a super-rich tax cut grand slam," and added, "Moreover, yesterday (the 17th), President Yoon even made remarks that the perception that wealthy people should be taxed and share their wealth is wrong." He then pointed out, "This statement reveals the reality that President Yoon represents the interests of the super-rich."

The Policy Committee Chair continued, "He even shamelessly makes statements mocking the public by saying that collecting less tax from the rich will improve the lives of ordinary people," and said, "The government's super-rich tax cut policy has now brought the country's finances to the brink of collapse." He further criticized, "I cannot understand at all how the government intends to fill the national treasury."

Yoo Dong-su, the Deputy Floor Policy Chief, also added, "President Yoon acts as if he knows nothing about tax law and recklessly issues policies," and said, "Despite an unprecedented tax revenue shortfall and the ruthless cuts to welfare budgets for the socially vulnerable and R&D (research and development) budgets for the nation's future, he only calls for tax cuts for asset owners." He continued, "Even though the scale of next year's national budget has not yet been decided, saying 'I will abolish this tax' or 'I will cut that tax' shows a lack of understanding of basic tax policy," and added, "These impulsive and short-sighted indiscriminate tax cut remarks are considered 'populism' aimed at the general election."