Assemblyman Lee Sang-min: "Rapid National Debt Increase... Let's Solve It by Levying Wealth Tax Like Argentina"

Lee Sang-min, a member of the Democratic Party of Korea, is questioning Foreign Minister Kang Kyung-wha during the Ministry of Foreign Affairs audit held by the Foreign Affairs and Unification Committee at the National Assembly in Yeouido, Seoul, on the afternoon of October 7. [Image source = Yonhap News]

[Asia Economy Reporter Choi Eun-young] Lee Sang-min, a member of the Democratic Party of Korea, has sparked controversy by announcing plans to introduce a "wealth tax law" targeting the top income bracket to address the skyrocketing national debt under the current administration.

On the 6th, Lee stated on his SNS, "I propose actively promoting the introduction of a 'wealth tax,'" adding, "I am also preparing a bill to propose."

He continued, "Recently, the Argentine National Assembly passed a 'wealth tax' law imposed only on the very wealthy (12,000 people) with assets exceeding 200 million pesos (approximately 2.65 billion KRW)," and "The 300 billion pesos collected from this wealth tax are planned to be spent on securing medical supplies, supporting small and medium-sized enterprises, and student scholarships."

He further said, "Our country is already experiencing deepening wealth disparity, and especially due to the COVID-19 pandemic, we face a national crisis that requires support for socially vulnerable groups and a response to the rapid increase in national debt," emphasizing, "The introduction of a 'wealth tax' is urgent."

Lee also shared an article reporting that the net assets of the top 10-30% income group increased by 213 million KRW over the past year.

Meanwhile, this is not the first time the Democratic Party has proposed the introduction of a wealth tax.

In March last year, Hong Young-pyo, former floor leader of the Democratic Party, argued for the wealth tax in a parliamentary negotiation group representative speech, stating, "Over the past 20 years, income inequality in our society has continuously worsened, and as of 2017, the top 10% earn 50% of the total income. Our income inequality and polarization, which are the second most severe after the United States, must be resolved."

However, some critics question why the policy failures such as COVID-19 response and the surge in national debt are being blamed on a small number of wealthy individuals.

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