Choo Kyung-ho: "People are dying because of taxes... Government is imposing a tax bomb"

[Image source=Yonhap News]

[Asia Economy Reporters Lee Ji-eun and Lim Chun-han] Rep. Chu Kyung-ho of the United Future Party criticized, "The people are crying out that they are dying because of taxes, yet (the government and ruling party) are imposing a tax bomb."

On the 4th, Rep. Chu spoke in opposition to the comprehensive real estate tax law submitted to the National Assembly plenary session, saying, "Now is a time for tax cuts, not tax increases, but the government's recent measures are a tax bomb on housing acquisition, transfer, and ownership," he said.

He pointed out, "Among the tax bills referred to the Finance Committee for the sake of public housing stability, the bills directed by the Blue House were unilaterally pushed through the standing committee and submitted to the plenary session, while bills from the United Future Party and the Justice Party were excluded from submission," and urged, "The Blue House and the Democratic Party should stop real estate politics that incite social conflict through politically engineered division."

He continued, "If the real estate tax law passes today, housing supply will shrink, and housing prices and monthly rents will rise, increasing the housing burden on the working and middle classes," and requested lawmakers to vote according to their conscience.

Rep. Chu criticized, "The current administration defines the recent economic situation as a wartime state, using expansionary fiscal policies such as the third supplementary budget, and collects more taxpayer money through real estate policies," calling it "a contradictory policy of pressing the accelerator and brake simultaneously."

He said, "Since the current government took office, the comprehensive real estate tax has doubled, and on top of that, the tax rate was increased by 100% compared to before, resulting in triple or quadruple tax hikes," adding, "The people are crying out that they are dying because of taxes, and the Democratic Party deceived the public by promising to lower the comprehensive real estate tax for single-homeowners during the general election but is now imposing a tax bomb."

Rep. Chu proposed, "From the perspective of market stabilization, acquisition tax and capital gains tax should be lowered to open the floodgates for listings, and holding tax should also be reduced to lessen the tax burden," emphasizing, "Especially for retirees and other single-homeowners, the comprehensive real estate tax should be lowered."

He also criticized the inconsistent rental housing policy, saying, "They encouraged rental businesses by promising various tax exemptions, but now claim they are the main cause of soaring housing prices," and added, "It's like a sting operation: they baited the trap, lured people in, then made them pay huge taxes and betrayed them."

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