Kyungrye Sillyeon: "Half of Yoon Government's Ministers and Vice Ministers Are Subject to Comprehensive Real Estate Tax... Stop Tax Cuts for the Wealthy"

"Among 38 Ministers and Vice Ministers, 18 Are Eligible"

The Citizens' Coalition for Economic Justice (CCEJ) criticized that "half of the ministers and vice ministers in the Yoon Suk-yeol administration are subject to the comprehensive real estate holding tax (종합부동산세, 종부세)" and stated that "the easing and abolition of the 종부세 is a tax reduction policy for the super-rich who monopolize political and economic power."

The Citizens' Coalition for Economic Justice held a press conference on the 29th at the Citizens' Coalition for Economic Justice auditorium in Jongno-gu, Seoul.
[Photo by Citizens' Coalition for Economic Justice]

On the 29th, CCEJ held a press conference titled 'Announcement of the Survey Results on the Beneficiaries of 종부세 Easing among Ministers and Vice Ministers of the Yoon Suk-yeol Government' and made these claims. The survey was conducted on 38 current ministers and vice ministers as of the 1st of this month. Park Seong-taek, the 1st Vice Minister of the Ministry of Trade, Industry and Energy, who took office on the 2nd, was excluded.

According to CCEJ, the survey targeted houses owned under the names of the individuals and their spouses, and the estimated tax amount was calculated using the National Tax Service's Hometax 'Comprehensive Real Estate Holding Tax Simplified Tax Calculation' tool.

The survey results estimated that 18 out of 38 ministers and vice ministers, or 47.4%, were subject to the 종부세 as of 2023. The total estimated tax amount for these 18 individuals was 67.59 million KRW, with an average of approximately 3.55 million KRW per person.

CCEJ emphasized, "The reason the Yoon Suk-yeol government raised the basic deduction amount for the 종부세 and announced its abolition on June 17 is a tax reduction policy for a very small number of super-rich individuals," adding, "Policies for a small, specific class are being promoted while policies for ordinary citizens are being pushed aside."

They continued, "The 종부세 taxpayers represent only the top 2%, and tax reductions for them are not policies for the middle class," and warned, "If eased, it will encourage unearned real estate income, undermine fair taxation, and deepen the polarization of asset inequality."

They urged the Yoon Suk-yeol government to restore the 종부세 basic deduction amount to 600 million KRW and to abolish the fair market value ratio system, which functions to lower the standard taxable value. They also argued for the abolition of the 'special provision for joint owners of one household with one house,' which allows the application of the combined deduction amount per household to joint owners.