"Complete Abolition of Spousal Inheritance Tax... Conversion of Estate Tax to Acquisition Tax"

"Spousal Inheritance Is Not Intergenerational Wealth Transfer"
"Taxes Should Be Paid Only on What Is Actually Inherited"

The People Power Party announced on the 6th that it will completely abolish inheritance tax on spouses.

Kwon Young-se, the emergency committee chairman of the People Power Party, said at the emergency committee meeting held at the National Assembly on the same day, "Inheritance between spouses who built wealth together is not an intergenerational transfer of wealth," expressing this position.

Kwon Young-se, Emergency Response Committee Chairman of the People Power Party, is speaking at the Emergency Response Committee meeting at the National Assembly on the 6th. 2025.3.6 Photo by Kim Hyun-min

He added, "Most advanced countries such as the United States, the United Kingdom, and France do not tax spousal inheritance."

Regarding the inheritance tax system, he explained, "We will shift from the current estate tax system to an inheritance acquisition tax system so that people pay only for what they actually inherit," adding, "This method is adopted by 20 OECD countries and allows for more public and rational taxation."

Chairman Kwon emphasized, "The main principle of the inheritance tax reform plan is to align with global standards," and said, "Among OECD countries, 10 have abolished inheritance tax, and other countries are lowering the top tax rates and increasing exemptions. South Korea must also eliminate the punitive nature of inheritance tax in line with this trend."

Regarding the inheritance tax reform plan promoted by the Democratic Party, he criticized, "It still maintains a punitive nature and is stuck in an outdated patriarchal mindset," and added, "The Democratic Party's interest is not genuine inheritance tax reform but merely the desire to create a propaganda slogan that Representative Lee Jae-myung reduced taxes." The Democratic Party is currently pushing for a plan to increase the minimum exemption for lump-sum and spousal deductions from the current 1 billion won to 1.8 billion won.