Jinseongjun "Will the Domestic Economy Revive if the Financial Investment Tax is Abolished?"

Democratic Party Maintains Stance on Introducing Financial Investment Tax
"President Yoon Must Accept 250,000 Won Support Bill"

Jin Seong-jun, the Policy Committee Chair of the Democratic Party of Korea, maintained the stance on introducing the financial investment income tax (금투세), stating that abolishing it would merely be a tax cut for the wealthy.

Jinseongjun, the Policy Committee Chairman of the Democratic Party of Korea, is speaking at the party floor strategy meeting held at the National Assembly on the 25th. Photo by Hyunmin Kim kimhyun81@

At the Democratic Party's emergency economic inspection meeting held at the National Assembly in Yeouido, Seoul on the 7th, Chair Jin said, "I want to ask the government and ruling party whether our economy will revive if we cut taxes for high-net-worth individuals," adding, "Will the domestic economy revive if we abolish the financial investment income tax for the ultra-wealthy stock investors who make up only 1% of all stock investors?" He also added, "Will the livelihood economy revive if we abolish inheritance tax for the large asset holders who account for only 0.7% of heirs?"

Chair Jin argued that tax revenue has decreased due to the government and ruling party's tax cut policy for the wealthy. He said, "Tax revenue has decreased by a whopping 81 trillion won due to the tax cuts for the wealthy that the government has been pushing for three years," and added, "The amount of money borrowed from the Bank of Korea by the government alone exceeds 100 trillion won this year."

He also emphasized the poor domestic demand situation. Chair Jin said, "The domestic economy has been showing red lights for a long time, and the livelihood economy is in a critical crisis," adding, "Self-employed small business owners who rely on domestic demand are literally swallowing their tears of blood. Nearly one million self-employed people reported business closures last year."

Chair Jin urged President Yoon Seok-yeol to accept the 250,000 won support bill (Special Measures Act for Overcoming the Livelihood Crisis). Chair Jin said, "Why is it that while tax cuts for the wealthy are being pushed relentlessly, livelihood recovery support funds are absolutely not allowed?" and added, "I strongly demand that President Yoon accept the 250,000 won support bill. Let’s bring warmth back to the frozen local economy and neighborhood markets through local love gift certificates."