Minju, Ruling Party's Final Ultimatum..."Fast-Track Push for 'Four Livelihood Bills' Including Inheritance Tax and Semiconductor Law"

Promotion of a 50 Trillion Won National Fund for Advanced Industries
Fund Size Can Be Flexibly Expanded If Necessary

The Democratic Party of Korea announced on the 6th that it will designate the inheritance tax law, the Semiconductor Special Act, the Banking Act, and the Franchise Business Act as the "4 Livelihood Bills" and classify them as fast-track bills.

Jin Seong-jun, the policy chief of the Democratic Party, said at the policy coordination meeting held at the National Assembly on the same day, "We will make every effort to reach an agreement with the People Power Party for joint processing, but if they continue to be obstinate, we will no longer wait."

Jin emphasized, "Bills pending in the standing committees chaired by the People Power Party are not progressing quickly," adding, "Since these are important livelihood bills that alleviate the burden on the middle class and ordinary citizens, serve as a strong support for self-employed and small business owners, and strengthen the competitiveness of the semiconductor industry, they must be processed as soon as possible."

Earlier, the Democratic Party mentioned designating the Semiconductor Special Act as a fast-track bill, warning that if negotiations between the ruling and opposition parties do not progress further, they will swiftly process major bills together.

According to the amendment to the inheritance tax law, which was jointly proposed by Im Gwang-hyun, the deputy chair of the party's policy committee, the unified deduction amount for inheritance tax will be adjusted from the current 500 million won to 800 million won, and the minimum spouse inheritance deduction amount will be raised from 500 million won to 1 billion won. The Democratic Party has also begun the revision process for the Income Tax Act after a deliberation process.

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. 2025.2.25 Photo by Kim Hyunmin

Promotion of a 50 Trillion Won National Fund for Advanced Industries

The Democratic Party reiterated its commitment to establishing a large-scale national fund to enhance the competitiveness of advanced industries. Jin said, "Artificial Intelligence (AI) is a core strategic industry critical to the nation's survival, regardless of party lines or political ideology," adding, "We will discuss the method, timing, and location together to facilitate bipartisan discussions."

A plan to establish a national fund involving the public will also be prepared. Jin explained, "all economic actors, including companies and pension funds, will create a public participation fund of at least 50 trillion won and invest intensively in companies or bonds."

The fund size can be flexibly expanded if necessary. After the meeting, Jin told reporters, "The larger the fund, the more investments can be supported," adding, "According to experts, astronomical costs are required to purchase graphics processing units (GPUs) for generative AI. We are not limiting the scale, but if we say we will make more public investments, it might take longer."

Regarding the four livelihood bills designated by the Democratic Party, Jin said, "There are two ways to designate fast-track bills: one is designation by the standing committee, and the other is designation by the plenary session of the National Assembly," adding, "However, since it is unlikely that the standing committees chaired by People Power Party members will designate fast-track bills, we are considering submitting the bills to the plenary session for a vote."

Lee Jae-myung, leader of the Democratic Party of Korea, is speaking at the Supreme Council meeting held at the National Assembly on the 5th. 2025.3.5. Photo by Kim Hyun-min