Ruling and Opposition Parties Clash Over 'Tax Revenue Deficit' at Budget Committee... 'Martial Law Preparation' Allegations Also Under Scrutiny

"Not a Tax Cut for the Rich" vs "Blaming Moon for 3 Years Straight"

At the comprehensive policy questioning session of the National Assembly's Special Committee on Budget and Accounts on the 3rd, ruling and opposition party lawmakers, many of whom are former high-ranking officials of previous and current administrations, clashed over the causes of the tight national finances, including tax revenue shortfalls.

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is speaking at the plenary meeting of the Special Committee on Budget and Accounts held on the 2nd at the National Assembly for the 2023 fiscal year settlement audit. Photo by Kim Hyun-min kimhyun81@

Jo Seung-hwan, a member of the People Power Party who served as Minister of Oceans and Fisheries under the Yoon Seok-yeol administration, said, "The opposition's claim that this year's tax revenue shortfall is due to the government's 'tax cuts for the wealthy' is absurd," pointing out that "the cause of the tax revenue shortfall is the sharp economic slowdown and asset market slump." He added, "The decrease in capital gains tax is actually a positive sign that resulted from the normalization of real estate prices, which had surged during the Moon Jae-in administration."

On the other hand, Ahn Do-gul, a member of the Democratic Party who served as the 2nd Vice Minister of Strategy and Finance under the Moon Jae-in administration, criticized President Yoon Seok-yeol's remark at last month's Cabinet meeting that "the previous administration increased national debt by more than 400 trillion won, making it difficult for the current government to work."

Ahn said, "It is true that the debt increased by 407 trillion won during the Moon Jae-in administration, but the biggest reason for the increase was the exogenous factor of COVID-19," adding, "President Yoon blaming the previous administration for three years is frustrating to the public."

Meanwhile, on the same day, ruling party lawmakers condemned the opposition's allegations of 'martial law preparation suspicions' as 'false agitation,' while the opposition launched an offensive accusing the government of being 'pro-Japanese.'

Seo Il-jun of the People Power Party criticized, "The opposition is causing social division with unrealistic and unsubstantiated agitation," calling it "a truly irresponsible and anachronistic conspiracy theory."

Democratic Party lawmaker Lee Yong-seon referred to the process of registering the Sado Mine in Japan as a UNESCO World Cultural Heritage site, pointing out, "Isn't our government giving a free pass to Japan's forced mobilization at the mines they are trying to register with UNESCO?"