Handonghun "If the Financial Investment Tax is a Tax Cut for the Rich, Would 14 Million Small Investors Oppose It?"

"Democratic Party Runs Away Without Debate... It's Because They Lack Confidence"
"Not Focused on Tax Cuts for the Wealthy... Must Prevent Big Donor Defections"

Han Dong-hoon, the leader of the People Power Party, launched an offensive against the Democratic Party of Korea, saying, "If the (financial investment income tax) is framed as a tax cut for the rich, why would 14 million individual investors oppose it?" Amid differing voices among Democratic Party lawmakers regarding the financial investment income tax, Han once again pressured the Democratic Party to participate in a debate on the tax.

[Image source=Yonhap News]

On the 7th, Han told reporters at the National Assembly, "If we talk about whether the tax exemption threshold is 50 million won or 100 million won, there aren't many people who earn that much money, so it's misleading to say that this is not aimed at individual investors. That is either a misconception or distortion." He added, "The focus is not on cutting taxes for the rich. It is to prevent losses that individual investors might suffer if major players withdraw from the domestic stock market."

He said, "The Democratic Party canceled the scheduled debate on the financial investment income tax due to a stock market crash triggered overseas," and added, "I proposed that the debate be held jointly by the Democratic Party and the People Power Party, and a lawmaker from the Democratic Party who was hosting the debate told me to come out if I was confident." He continued, "Usually, I match the level of former leader Lee Jae-myung, but matching levels in front of public livelihood issues is not very meaningful, and I said I would participate in the debate. However, when it came down to it, the Democratic Party ran away, refusing to debate. I think the Democratic Party lacks political confidence in pushing forward the financial investment income tax," he criticized.

Han mentioned "matching levels" because Park Chan-dae, the floor leader of the Democratic Party, is currently acting party leader. Although Park is acting leader, former leader Lee Jae-myung's reappointment as party leader is expected, so debating with Lee is considered to be on par with Han, the ruling party leader. He said, "Neglecting a major adverse issue to the extent that you cannot hold a debate is not right toward the people," and added, "For the people and for 14 million investors, please give up on pushing the financial investment income tax. I will not criticize if you change your position."

Furthermore, Han said, "Some say there are six months left until implementation, so let's take it slow, but that's not the case," explaining, "Events that become major adverse factors like this have a significant psychological impact on stock prices. Usually, the influence starts more than six months in advance." He continued, "Isn't it already having some effect now? Compared to other Asian stock markets, the rise in our stock market is somewhat limited. In such a difficult situation, what is the reason to push forward in a confrontational manner?"

Han said, "Looking at former leader Lee's remarks, he said the financial investment income tax should be adjusted in the debate. Policy Committee Chair Jin Sung-jun said it should be pushed forward," and added, "(The Democratic Party) is expressing various different voices. Isn't the Democratic Party originally a one-person party? Then why are they wavering on this issue? Let's not drag this out and have a debate if necessary." He also said, "I have sufficiently explained the reasons why I oppose this," and urged, "Since this concerns the livelihood sector, let's cooperate."