Jinseongjun: "Financial Investment Tax is for Small Investors... Stop Selling Out"

Handonghun "Is Investor Attack a Democratic Party Strategy?" Calls for Abolition

Jin Seong-jun, the Policy Committee Chairman of the Democratic Party of Korea, emphasized that the Financial Investment Income Tax (Geumtu Tax) was introduced to modernize the stock market and urged those advocating for its abolition not to mention ant investors.

Jinseongjun, Chairman of the Policy Committee of the Democratic Party of Korea, is speaking at the floor strategy meeting held at the National Assembly on the 25th. Photo by Hyunmin Kim kimhyun81@

On the 23rd, Jin stated on his social media service (SNS), "There are people who argue for the abolition of the Geumtu Tax by repeatedly mentioning 14 million ant investors," adding, "The Geumtu Tax was introduced for the benefit of 14 million ant investors."

Jin argued that the Geumtu Tax will play a role in developing the stock market by protecting small investors. He explained, "The Geumtu Tax eliminates the securities transaction tax, which is imposed whenever stocks are sold regardless of investment gains or losses, and instead imposes an investment income tax only on the amount exceeding 50 million KRW in investment profits within a year. It consolidates gains and losses by financial product and allows for the carryforward deduction of past losses for five years."

He further stated, "The Geumtu Tax is intended to modernize the backward financial tax system and protect the interests of small investors," and asserted, "Now, those advocating for the abolition of the Geumtu Tax should stop exploiting ant investors."

On the same day, Han Dong-hoon, the leader of the People Power Party, urged the abolition of the Geumtu Tax during an expanded party officers meeting held at the National Assembly in Yeouido, Seoul, saying, "The Democratic Party says they will decide on the implementation of the Geumtu Tax after the national audit. Is it the Democratic Party’s strategy to deliberately increase uncertainty and attack the Korean stock market and 14 million investors?" Kim Byung-wook, former lawmaker and deputy head of the 'Ruling Plan Headquarters,' the Democratic Party’s next presidential election preparation organization, also stated, "We will promptly revise the legal environment, including amendments to the Commercial Act to resolve the Korea discount, without implementing the Geumtu Tax."