Democrats Delegate Financial Investment Tax Decision to Leadership... Postponement vs. Abolition Tension

Democratic Party lawmakers decided on the 4th to leave the implementation of the financial investment income tax to the party leadership's decision.

No Jong-myeon, the party's floor spokesperson, told reporters after the party meeting held at the National Assembly that day, "It was decided to delegate all conclusions and timing regarding the financial investment income tax to the leadership."

It was reported that most of the time during the Democratic Party's morning meeting was spent discussing the financial investment income tax.

No, the floor spokesperson, explained, "There were many opinions in favor of postponement or abolition. Until now, there was virtually no opinion for abolition during internal discussions," but added, "After policy debates, a considerable number of lawmakers who had been silent or changed their stance emerged, and there were multiple opinions for abolition."

He added, "There was also an opinion that a two-year postponement would have to be right before the presidential election, and a three-year postponement right before the general election, which means bearing the burden of causing social and political controversies just before elections should also be considered."

Within the party, regarding the postponement of the financial investment income tax, there was an opinion to maintain the level that the 22nd National Assembly would take responsibility and to see a three-year implementation postponement as the deadline.

On the other hand, those in favor of implementation emphasized the responsibility of the National Assembly. No said, "If the existing agreed content (on implementing the financial investment income tax) cannot be upheld, I think they will explain by considering the changed circumstances and the strong demands for postponement or abolition from those currently participating in the market."

[Image source=Yonhap News]