Kim Tae-nyeon "Groundbreaking Housing Supply Measures to be Announced Before Lunar New Year... Profit Sharing System is Voluntary Participation"

"No Plan to Ease Capital Gains Tax... Principle of Blocking Unearned Income Continues"

Kim Tae-nyeon, floor leader of the Democratic Party of Korea, is attending the party strategy meeting held at the National Assembly on the 12th and delivering an opening remark. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Wondara] The leadership of the Democratic Party of Korea announced that they will unveil a housing supply plan before the Lunar New Year holiday. Regarding the possibility of easing capital gains tax raised by some, they drew a clear line by stating, "We will continue the principle of fair taxation." As for the 'COVID-19 Profit Sharing System,' they decided to encourage voluntary participation.

Kim Tae-nyeon, the floor leader of the Democratic Party, said at the floor strategy meeting held at the National Assembly on the morning of the 12th, "I would like to clearly state our position on the easing of capital gains tax once again today. The Democratic Party has no plans to temporarily reduce or ease capital gains tax for multi-homeowners."

He emphasized, "The strengthening of capital gains tax is to block unearned income gained by speculative homeowners and multi-homeowners through price differences," adding, "It is fair taxation aimed at alleviating wealth inequality caused by rising housing prices and suppressing excessive investment demand for housing."

He continued, "The Democratic Party and the government will firmly push forward real estate stabilization policies based on the principle of fair taxation, which imposes heavy taxes on capital gains of multi-homeowners," and said, "Regarding the housing issue, which is a major concern for the public, we will prepare a groundbreaking housing supply plan and announce it before the Lunar New Year holiday."

Hong Ik-pyo, the policy committee chairman of the Democratic Party, regarding the 'COVID Profit Sharing System' proposed by Lee Nak-yeon, the party leader, said, "It is a measure to alleviate and resolve the deepening inequality caused by COVID-19," adding, "Rather than coercive means, we will prepare a voluntary participation plan based on the spirit of solidarity and cooperation for community recovery, which can induce a virtuous cycle of growth and distribution."

Hong pointed out, "Looking at the 'income quintile ratio,' a representative indicator showing the distribution of national income, the income decrease of the top 4th and 5th quintiles is only 3.6% to 4.4%, whereas the income decrease of the lowest 20%, the 1st quintile, reaches 17.2%."

He added, "To review and implement this entire process, our party will form a 'Post-COVID Inequality Resolution and Fiscal Policy Task Force' tomorrow," and said, "As the policy committee chairman of the party, I will personally lead it and actively review and discuss ways for the government and private sector to cooperate."

Regarding the criticism from the People Power Party that the COVID Profit Sharing System is communism or socialism, he dismissed it by saying, "It is regrettable that a ruling party seems to be obsessed with color politics rather than having reasonable discussions with policy alternatives. It is very unfortunate."

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