Kwon Youngguk: "Raising Top Corporate Tax Rate to 40%... Easing Inequality"

Full Application of the Labor Standards Act
Introduction of the Public Ownership Concept for Land and Natural Resources

Kwon Youngguk, the presidential candidate of the Democratic Labor Party, announced on May 20 that he would introduce a new top corporate tax bracket and raise the rate to 40%.

Kwon Youngguk, the presidential candidate of the Democratic Labor Party, is preparing for a debate at the 21st presidential election candidates' debate hosted by the National Election Commission, held on the 18th at SBS Prism Tower in Mapo-gu, Seoul. Photo by the National Assembly Press Photographers Group

During the announcement of his economic pledges that day, Kwon stated, "The principle of tax justice, which is to tax where there is income, is not being realized at all," and added, "Asset and income inequality is deepening. To address this, I will mitigate inequality by imposing heavier taxes on conglomerates, unearned income, and inheritance and gift taxes."

Kwon also said, "I will ensure that all workers are fully covered by the Labor Standards Act and will revise the Trade Union Act so that everyone can receive the minimum wage, the four major social insurances, and severance pay." He emphasized, "I will strengthen the requirements for mass layoffs and abolish the Dispatch Act, the Fixed-term Act, and multi-level subcontracting." He continued, "I will reinforce the responsibility of primary employers and eradicate the exploitation of subcontracted workers. In addition, by significantly expanding public sector jobs in healthcare, care, safety, and climate crisis response, I will solve employment issues through a national job guarantee system."

Kwon stated, "I will nationalize essential industries such as housing, healthcare, education, care, energy, transportation, and communications, which are currently dominated by domestic and foreign conglomerates or the private sector, and shift them to be managed by the state, local governments, and the social economy sector, so that they can be universally and affordably provided to everyone." He also said, "I will introduce the concept of public ownership for land and natural resources."

Other pledges include: ▲ expansionary fiscal policy ▲ state responsibility for care and welfare ▲ realization of climate justice ▲ reform of the conglomerate system ▲ invalidation of high-interest private loans ▲ debt relief for the self-employed.