Democratic Party's Financial Investment Tax Debate Disrupted by Shouts of "Stop Yelling at the Ants"

Ant Investors Protest Ahead of Discussion Forum

"Is this a debate? How can you kick out the people and just have the lawmakers among themselves!" (Representative of Hanguk Jusik Tuja Ja Yeonhaphoe)

"Stop shouting, you!" (Lee Kang-il, Democratic Party of Korea lawmaker)

"Calling the people 'you'? The people are the owners!" (Representative of Hanguk Jusik Tuja Ja Yeonhaphoe)

Members of the Korea Stock Investors Association, who advocate for the abolition of the financial investment income tax, are protesting on the 24th at the National Assembly, demanding to attend the Democratic Party of Korea's policy lawmakers' meeting discussion on financial investment income tax. Photo by Hyunmin Kim kimhyun81@

On the 24th, Democratic Party lawmakers held a policy debate at the National Assembly in Yeouido, Seoul, regarding the implementation and postponement of the Financial Investment Income Tax (Geumtu-se). The debate was divided into the implementation team and the postponement team. The implementation team consisted of lawmakers Kim Young-hwan, Kim Sung-hwan, Lee Kang-il, Kim Nam-geun, and Lim Kwang-hyun, while the postponement team included lawmakers Kim Hyun-jung, Lee So-young, Lee Yeon-hee, Park Seon-won, and former lawmaker Kim Byung-wook. After the debate, the Democratic Party plans to decide the party stance on the Financial Investment Income Tax in a party meeting format. However, the timing of the party meeting has not been determined.

Before the debate, a commotion broke out. Representatives of Hanguk Jusik Tuja Ja Yeonhaphoe tried to attend the debate, but Democratic Party officials blocked their entry, citing a party meeting. In response, individual investors tried to take their seats, insisting that the voices of the people must be heard. During this process, some lawmakers and individual investors clashed. When some Democratic Party lawmakers asked, "Which party are you from?" the Hanguk Jusik Tuja Ja Yeonhaphoe representatives reacted more strongly, and bodies became entangled. The representatives shouted, "The Democratic Party is trying to silence us like this," and "What kind of misbehavior is this towards people who came from far away!"

The implementation side argued that the Financial Investment Income Tax is necessary from the perspective of tax justice. Their logic is that taxation on investment income, which is unearned income, can no longer be postponed. On the other hand, the postponement side believed that the Financial Investment Income Tax would increase instability in the stock market. They argued that it would not be too late to introduce the tax after first improving the stock market structure.

The Democratic Party leadership has repeatedly indicated a stance favoring postponement of the Financial Investment Income Tax. The figure who triggered this debate is Lee Jae-myung, the Democratic Party leader, who suggested the possibility of postponement when he ran for party leader in July. In line with this, Kim Min-seok, the Democratic Party’s senior supreme council member, and Lee Eon-ju, another supreme council member, also argued that the tax should be postponed. Kim Min-seok stated in a position paper on the 19th, "The Financial Investment Income Tax should be postponed for about three years to allow time for stock market reform and verification of stimulus measures."

The ruling party views the Democratic Party’s debate as meaningless because it does not address the abolition of the Financial Investment Income Tax. Han Dong-hoon, leader of the People Power Party, said at the supreme council meeting the day before, "If the debate is not to become a role play, there must be a team advocating abolition." The recent controversy over the 'promise duel' is also a burden for the opposition. Lawmaker Lee Kang-il, who is participating in the debate, responded to a text from an investor protesting the implementation of the tax by saying, "This debate is part of a role play." The Democratic Party leadership instructed Lee to apologize and clarify the matter the day before.