Opposition Party Tells Democratic Party Ahead of Financial Investment Tax Debate, "Abolition Is the Right Answer"

Choo Kyung-ho "Opposition's proposed grace conditions fuel market confusion"
Kim Sang-hoon "Time is key issue in abolishing financial investment tax"

The People Power Party pressured the major opposition party, the Democratic Party of Korea, on the 20th, stating, "Now, when the stock market is vulnerable and highly volatile, abolishing the financial investment income tax is the right answer."

On the same day, Floor Leader Choo Kyung-ho said at a party strategy meeting held at the National Assembly, "The wavering stance of Democratic Party leader Lee Jae-myung regarding the implementation of the financial investment income tax is concerning."

The Democratic Party plans to hold a policy debate on the 24th on whether to implement or postpone the financial investment income tax. It is expected to hold a policy caucus as early as the 26th to finalize the party's stance.

Regarding this, Floor Leader Choo also pointed out, "The Democratic Party says it will decide the party stance through debate on whether to implement or postpone the financial investment income tax. Currently, those within the Democratic Party advocating postponement are presenting various conditions, which is only fueling market confusion."

Kim Sang-hoon, Chairman of the Policy Committee of the People Power Party, is speaking at the party floor countermeasure meeting held at the National Assembly on the 20th. Photo by Kim Hyun-min kimhyun81@

He also criticized Leader Lee's remark at the previous day's caucus meeting, where Lee said, "When I met elderly people in remote areas, they asked me, 'Should we sell our stocks?' and I replied, 'Given the current situation, it would be better not to buy stocks.'"

Floor Leader Choo emphasized, "There is a proverb that says a frog can be killed by a stone thrown carelessly," adding, "It is extremely irresponsible for the leader of the majority party in the National Assembly to make remarks that easily stir financial market anxiety."

Policy Committee Chairman Kim Sang-hoon also urged a proactive decision to abolish the financial investment income tax. Chairman Kim stressed, "From the perspective of 14 million retail investors, considering the urgent and nerve-wracking situation of the Korean stock market day by day, and to promptly eliminate market uncertainty, the issue of abolishing the financial investment income tax is a matter of timing, and the sooner the decision is made, the better."