Lee Jae-myung, leader of the Democratic Party of Korea, said on the 14th, "We need to seek a reasonable plan to make inheritance tax for the middle class more realistic."
In a written congratulatory message at the 'Policy Forum for Realizing Inheritance Tax Deductions' hosted by Assemblyman Lim Gwang-hyun on the same day, Lee said, "Some middle-class families are concerned about the inheritance tax burden on a single house under the current system."
According to the amendment to the Inheritance and Gift Tax Act proposed by Assemblyman Lim, the uniform deduction amount for inheritance tax will be raised from the current 500 million won to 800 million won, and the spouse deduction amount will be increased from the current 500 million won to 1 billion won. Assemblyman Lim said, "According to statistics, about 2.9% of decedents in Seoul 10 years ago were subject to inheritance tax, but recently this figure has exceeded 15%."
Park Chan-dae, floor leader of the Democratic Party, also argued, "The current inheritance tax deduction system has not changed for 28 years since 1996," and "We need to seek a reasonable revision plan for the Inheritance Tax Act to address unreasonable situations where people are forced to sell their houses due to inheritance tax burdens."
The intention is to partially reform the inheritance tax considering the situation of spouses who inherit a house due to the death of their spouse, taking into account the rise in housing prices. The amendment to the Inheritance and Gift Tax Act proposed by Assemblyman Lim is currently under review by the Tax Subcommittee of the Planning and Finance Committee.
Lee Jae-myung, leader of the Democratic Party of Korea, who is accused of breach of trust in the Daejang-dong case and bribery related to Seongnam FC, is greeting supporters with a wave of his hand as he attends a trial at the Seoul Central District Court in Seocho-gu, Seoul on February 14, 2025. Photo by Kang Jin-hyung
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
