Lee Jae-myung "Ineffective Taxation Encourages Tax Resistance"

Maintain Review Stance on Financial Investment Tax and Comprehensive Real Estate Tax
Kim Du-kwan: "Democratic Party, a Party for the Middle Class and Common People"

Lee Jae-myung, the Democratic Party of Korea's presidential candidate, maintained his stance on reconsidering the financial investment income tax (Geumtu Tax) and comprehensive real estate holding tax (Jongbu Tax), arguing that ineffective taxation only fuels tax resistance.

Democratic Party of Korea leader candidate Lee Jae-myung is preparing for a broadcast debate at SBS Mokdong Studio in Yangcheon-gu, Seoul on the 6th. [Image source=Yonhap News]

On the 6th, during the 4th TV debate held by SBS, Candidate Lee said, "Collecting more taxes would help sustain national welfare policies," but added, "The stock market thrives on dreams, and many people resist the issue of taxing up to 50 million won."

He continued, "Taxation is about transferring the state's burden to individuals, not punishment," and said, "If the comprehensive real estate holding tax is imposed on actual residents with one household and one home, which is ineffective, tax resistance will increase, hindering the execution and implementation of other policies."

Furthermore, he explained, "The aim is to eliminate irrational parts, but tax cuts for the ultra-wealthy should not be made," adding, "There is no need to unnecessarily provoke tax resistance among people who own just one house."

Kim Du-kwan, another presidential candidate, pointed out that if the Geumtu Tax and Jongbu Tax are eased, it would be difficult to secure the budget for 'Meoksanism' proposed by Candidate Lee. Meoksanism is a term Lee introduced at his party representative candidacy press conference, meaning that the issue of livelihood is the only ideology.

Candidate Kim said, "Solving basic social issues and Meoksanism requires a considerable budget," and added, "We need to secure the budget through tax policy, so isn't this contradictory?" He continued, "The Yoon Seok-youl administration clearly follows a policy of tax cuts for the wealthy, but the Democratic Party is a party that works for the middle class and ordinary people based on fair taxation," criticizing the current government.