Ryu Seong-geol "Pushy Real Estate Policies Catch Citizens, Not Housing Prices"

[Image source=Yonhap News]

[Asia Economy Reporters Kim Hyemin and Im Chunhan] Ryu Seong-geol, a member of the Future United Party, criticized on the 4th, "What is the real goal of the push-through real estate policy?" and asked, "Isn't it to divide the people and collect more taxes?"

On the same day, Representative Ryu made these remarks during a debate opposing the real estate tax law at the National Assembly plenary session. The National Assembly passed amendments to the Income Tax Act, Corporate Tax Act, and Comprehensive Real Estate Holding Tax (종부세) Act without the Future United Party participating in the vote.

Representative Ryu said, "Currently, taxes are being raised at every stage, making it impossible to buy, own, or sell houses," and questioned, "If it were effective in controlling real estate prices, the rate could be raised to 10-20%. But why is the highest 종부세 tax rate set at 6%, and what is the basis for that?"

He asked, "Will real estate prices be controlled if these three bills pass?" and added, "In the end, isn't this just a tax bomb, punitive taxation, and effectively only a tax increase? Look at the tax resistance movement the people are currently undertaking."

Representative Ryu pointed out, "Real estate tax laws should minimize adverse effects on people's lives so that taxes can be paid voluntarily without tax resistance. The three real estate laws also violate the fundamental principles of taxation."

He also criticized the ruling party for pushing the bill through, saying, "The taxation point for 종부세 is from June next year," and questioned, "Then why is the bill being processed today in the plenary session without sufficient review in the National Assembly?"

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