Decision on Property Tax Today... "Prepared for a Vote"

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jinyoung] On the 18th, the Democratic Party of Korea began a final debate over changing the comprehensive real estate tax threshold for single-homeowners from the current official price of 900 million KRW to 1.1 billion KRW, which corresponds to the top 2%. They also discussed raising the capital gains tax exemption threshold for single-homeowners from 900 million KRW to 1.2 billion KRW.

Floor leader Yoon Hojung said at the afternoon party meeting, “The floor leadership has prepared everything for a vote,” adding, “We cannot predict whether it will go to a vote, but I do not think going to a vote is necessarily the best course of action.”

Yoon emphasized, “If through discussion we can find a point where the opinions of our members converge, we may reach a conclusion or set a scope and delegate it to the leadership. However, we must reach a conclusion at this meeting.”

Referring to media reports that they are conscious of the new leadership of the People Power Party, he said, “If you envy, you lose; if you fear, you die,” adding, “We are neither envious nor fearful. If the opposition’s wind blows, we believe we can overcome it well.”

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