Democratic Party: "Yoon's Remark to Give 10 Billion Won Each Shows Dire Economic Awareness"

"Corporate Tax Cut and Abolishment of Inheritance Tax Surcharge Seen as 'Established Interests Roadmap'"

The Democratic Party of Korea criticized President Yoon Suk-yeol's livelihood recovery support fund and pointed out that his economic perception is dismal. They harshly described the Yoon administration's tax cut policy as a "roadmap for the wealthy vested interests."

Park Chan-dae, Acting Party Leader and Floor Leader of the Democratic Party of Korea, is speaking at the Policy Coordination Meeting held at the National Assembly on the 4th. Photo by Kim Hyun-min kimhyun81@

Park Chan-dae, acting party leader and floor leader of the Democratic Party, said at a policy coordination meeting held at the National Assembly in Yeouido, Seoul, on the 4th, "Putting aside the president's lowly mockery of the opposition party, his shallow economic perception is dismal," adding, "If extinguishable local currency is forcibly used, the local economy will be revitalized and tax revenue will increase." President Yoon stated at the previous day's meeting on the second half economic policy direction and dynamic economy roadmap, "Why give 250,000 won per person? Wouldn't it be okay to give about 1 billion won or 10 billion won each?" and "Isn't it obvious what the result would be? Prices will rise beyond imagination."

The Democratic Party also emphasized that the livelihood recovery support fund is a measure for small business owners and self-employed individuals. Acting leader Park said, "The overdue loan amounts are rapidly increasing as self-employed people cannot repay their loan interest," and "To break the vicious cycle, consumption must be stimulated and the economy revived; should we be stingy with even a single bucket of priming water?" Jin Sung-jun, chairman of the Democratic Party's Policy Committee, explained, "The livelihood recovery support fund is an economic measure that supports households with local currency to increase sales for small business owners," adding, "It is urgent to implement measures that increase the public's consumption capacity so that money circulates in local neighborhoods."

The Democratic Party also criticized the Yoon administration for focusing solely on tax cuts for the wealthy, citing policies such as corporate tax cuts with expanded shareholder returns and the abolition of the surcharge on inheritance tax for major shareholders. Policy Committee Chairman Jin said, "Yesterday, President Yoon announced the second half economic policy as a dynamic economy roadmap, but it is a vested interest roadmap that fattens the wallets of wealthy asset holders," adding, "A comprehensive gift set of tax cuts for the rich, including cuts to dividend income tax and inheritance tax reductions, cannot be a way to raise potential growth rates and quality of life." He also emphasized, "There is no plan to make up for the shortfall in tax revenue," and "They are shifting the responsibility for the tax revenue deficit and fiscal crisis onto the previous administration."