Cho Kuk "Regret over Cryptocurrency Tax Deferral... Democratic Party Actively Supports Tax Cuts for the Wealthy"

"Abandoning the Spirit and Ideals of Kim Dae-jung and Roh Moo-hyun?"

Jo Guk, leader of the Jo Guk Innovation Party, expressed "deep regret" over the two-year postponement of cryptocurrency taxation agreed upon by the People Power Party and the Democratic Party of Korea, criticizing the Democratic Party for focusing solely on tax cuts for the wealthy.

Cho Kuk, leader of the National Innovation Party, is speaking at the Supreme Council meeting held at the National Assembly on the 2nd. Photo by Yonhap News

On the 2nd, at the Supreme Council meeting held at the National Assembly in Yeouido, Seoul, Jo said, "The two major parties have recently been preoccupied with tax cuts for the wealthy. I strongly warn that this should not happen," adding, "Following the People Power Party, the Democratic Party also agreed to a two-year postponement of cryptocurrency taxation, which is very regrettable."

Jo criticized the Democratic Party for reversing its stance on cryptocurrency taxation, pointing out that the party is focusing only on right-wing policies. He said, "The Democratic Party had previously stated that cryptocurrency investment is highly speculative and there was no justification to delay taxation, but suddenly changed its position to say 'additional adjustments are needed.' The Democratic Party continues to raise issues related to tax cuts for the wealthy, such as abolishing corporate embezzlement charges and separate taxation on dividend income. They are actively responding to the tax cut demands made by the People Power Party, wealthy individuals, and conservatives."

He also pointed out, "Regarding the Financial Investment Income Tax (FIIT), the Democratic Party has supported amendments to the Income Tax Act this year that go beyond postponement to abolition, citing investment activation as the reason," adding, "Despite both ruling and opposition parties saying they would not introduce FIIT, the domestic stock market is struggling rather than soaring."

Jo stated, "If tax cuts for the wealthy are implemented, the tax burden will be shifted to ordinary citizens and the middle class," and added, "Like the FIIT, benefits will go only to the wealthy without proven effectiveness. The principle that taxes should be levied where income exists will also be undermined." Furthermore, he emphasized, "If all benefits are given to the wealthy like this, who will raise the cattle? With next year's growth rate expected to fall to the 1% range, how can the national budget be managed without taxes?"

He also criticized, "The Democratic Party has always boasted that it is a party for the middle class and ordinary citizens, citing the words of former Presidents Kim Dae-jung and Roh Moo-hyun, but are they now abandoning that spirit and direction?" He added, "Although they deny it now, inheritance tax, corporate tax, and comprehensive real estate tax will eventually be cut as well."