Park Soo-young "Sudden large tax increase may hurt citizens... Did they consider carefully before voting yes?"

[Image source=Yonhap News]

[Asia Economy Reporters Lee Ji-eun and Lim Chun-han] Park Soo-young, a member of the Future United Party, criticized the revision of the Local Tax Act that raises the highest acquisition tax rate to 12%, asking, "Is there no citizen who will be hurt by such a sudden and large tax increase?" He also questioned the Democratic Party members, "How much deliberation did you have before voting in favor?"

On the 4th, during the plenary session at the National Assembly, Park stated in his opposition debate, "Over the past two weeks, our National Assembly has rapidly passed a bill that could have a fatal impact on the lives of many citizens."

He said, "For the past 30 years or so, whether at the central government’s desk or on the front lines of public life in Gyeonggi Province, I have been involved in making or implementing policies. As a policy officer, my greatest concern has always been that the intention and the outcome of a policy do not necessarily align, so I have always approached policies with humility."

Park added, "The National Assembly has a long procedural process involving a 15-day reflection period, alternative debates, bill review subcommittee examinations, standing committee debates for and against, and the Legislation and Judiciary Committee’s structural and textual review before a bill is submitted to the plenary session. This reflects such a humble attitude. How about the respected Democratic Party members? This is an issue that affects the life of every single citizen. How much deliberation did you have before voting in favor?"

He pointed out, "Looking at the bill, it includes a sudden increase in the highest acquisition tax rate for individuals and corporations from the current 1-4% to 8% and 12%. Is there no citizen who will be hurt by such a sudden and large tax increase?"

He continued, "Isn't it necessary for corporations to purchase real estate as lodging for employees to support employees without homes? Why should companies suddenly bear several times the tax burden?"

Park questioned, "They say acquisition tax, holding tax, and capital gains tax will all be raised together. What is the policy goal? Is it to increase housing supply, decrease it, or simply to raise taxes? Is the true policy goal 'government tax revenue rather than citizens’ homeownership'?"

He criticized, "The reason the UK established its parliament was to resist the king’s unfair and excessive tax increases. Our National Assembly is now denying the very fundamental and historical reason for its existence by passing tax increase bills faster than the fast-track process."

On that day, the National Assembly passed the Local Tax Act raising the highest acquisition tax rate to 12% with 186 votes in favor, 1 against, and 3 abstentions out of 190 members present.

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