Kim Byungki: "We Will Open the Path to Growth Through Tax Justice"
Discussing Measures to Address Tax Revenue Shortfall
Tax Increases, Including Corporate Tax Hikes, Expected to Be Debated
The Democratic Party of Korea has decided to establish a Special Committee on Tax System Reform to address national fiscal issues. The committee is expected to discuss measures to improve the current fiscal situation, which is suffering from a tax revenue shortfall, and it is anticipated that discussions on tax increases will follow.
On July 25, Kim Byungki, acting leader and floor leader of the Democratic Party, announced the establishment of the special committee during the Supreme Council meeting held at the National Assembly, stating, "The Democratic Party will pave the way for future growth by realizing tax justice."
He said, "The supplementary budget and the consumption coupon program for economic recovery are priming the pump for reviving the people's livelihoods," but added, "We need to move from recovery to growth, but former President Yoon Sukyeol is once again hindering progress." He continued, "The current national finances are in a state of crisis. Both normal state operations and investment in future growth engines are facing difficulties. This is due to the tax revenue collapse caused by the Yoon Sukyeol administration. This is not a situation that can be resolved by simply saving or cutting spending," emphasizing, "The fundamental solution is to correct the distorted framework of the tax system."
Recently, there have been discussions within the government and the ruling party about raising corporate taxes, and it appears that the direction of related tax reforms will be discussed.
Kim stated, "We will closely consult with the government, centering on the special committee, to prepare concrete measures to realize tax justice," and added, "The realization of tax justice will serve as a catalyst for innovative growth, investment support, domestic demand expansion, and the virtuous cycle of economic growth."
Kim Byungki, Acting Party Leader and Floor Leader of the Democratic Party of Korea, is presiding over the Supreme Council meeting held at the National Assembly on the 25th. 2025.7.25 Photo by Kim Hyunmin
Meanwhile, Kim warned the People Power Party not to "cross the line" regarding their demand for the withdrawal of nominations for Jeong Dongyoung as Minister of Unification, Ahn Kyubaek as Minister of National Defense, and Kwon Oeul as Minister of Patriots and Veterans Affairs. He criticized, "There is neither a legitimate reason nor a logical basis for the demand to withdraw the three ministerial nominees," and added, "It seems that, on top of the charges of being a party to insurrection, they are now even refusing to accept the outcome of the presidential election." He went on to say, "It appears the People Power Party has greatly misunderstood our Democratic Party's willingness to cooperate and the Democratic Party itself," and declared, "From now on, we will not tolerate any attempts to hinder the launch of the Lee Jaemyung administration. We will respond firmly."
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