Democratic Party: "Disaster Relief Funds to Be Provided to All Citizens... Also Establishing a Donation System for High-Income Earners"

[Image source=Yonhap News]

[Asia Economy Reporters Nahum Kang and Jinyoung Jeon] The Democratic Party of Korea has decided to expand the emergency disaster relief fund to cover the entire population nationwide, while allowing high-income earners and others who do not wish to receive the support funds to have their amounts treated as 'donations' and included in tax deductions.

On the 22nd, Cho Jung-sik, Chairman of the Democratic Party's Policy Committee, held a press conference at the National Assembly and stated, "We are pursuing a plan to expand the emergency disaster relief fund to all citizens nationwide, while also preparing measures to reduce the fiscal burden through voluntary donations from social leaders and high-income earners."

This plan allows citizens such as high-income earners or social leaders who do not wish to receive the support funds to have the amount treated as a donation. For example, if the amount is 1 million won for a family of four, the 1 million won remains with the state and is processed as a donation, with a corresponding donation tax credit to be provided around the end or beginning of the year.

Chairman Cho added, "For those who voluntarily express their intention not to receive the support funds, we will prepare legal measures to realize this spirit of donation," and "We will take the lead in creating an environment and system for a nationwide social movement to overcome the national crisis, including voluntary donations."

Regarding the funding for the emergency disaster relief fund, Chairman Cho said, "All options such as additional expenditure adjustments or government bond issuance should be kept open and discussed in the National Assembly," and expressed hope that "if the number of high-income earners, social leaders, and citizens who express their intention to donate increases and the campaign grows, the additional fiscal demand will decrease accordingly."

Chairman Cho also stated, "We have conveyed this party position to the government, and Prime Minister Chung Sye-kyun has played a role in building consensus between the party and the government," adding, "I think Prime Minister Chung will soon make a related announcement."

This content was produced with the assistance of AI translation services.