Yoo Seung-min on the '2% Comprehensive Real Estate Tax' Proposal: "Fails to Control Housing Prices... A Bizarre Tax That Is Neither Here Nor There"

[Asia Economy Reporter Seoyoung Kwon] Former People Power Party lawmaker Yoo Seung-min strongly criticized the Democratic Party of Korea's 'Comprehensive Real Estate Tax (CRET) imposition plan on the top 2% of house prices.'

On the 19th, Yoo posted on his Facebook titled "The incompetent ruling party that fails to control soaring house prices and divides the people." He said, "The Democratic Party has set the '2% CRET' as its party policy," adding, "Imposing a property tax on the top 2% of owners is a tax that does not exist in any other country in the world," and "The Democratic Party wavered between KRW 900 million and KRW 1.2 billion as the exemption criteria for CRET, creating a bizarre tax that is neither one nor the other."

He continued, "Taxes must be legally set on items measurable by money, such as income, assets, and prices. This is the principle of taxation under the Constitution," and pointed out, "Demanding the top 2% to pay taxes regardless of whether real estate prices rise or fall is not the principle of taxation but merely 'tax division.'"

Yoo criticized, "The Moon Jae-in administration's real estate policies were obsessed only with taxes and regulations from beginning to end," adding, "The result was house prices and monthly rents soaring overnight. It only brought frustration and pain to the majority of middle-class citizens and the 2030 generation." He raised his voice emphasizing the importance of regime change, saying, "This incompetent government must end now. How long must hardworking individuals simply endure asset and income inequality caused by the government's failure?"

Furthermore, Yoo expressed his ambition, saying, "Changing the regime will change the lives of the people," and "We will definitely stabilize house prices and monthly rents and rationally adjust real estate taxes." He stated, "The real estate problem can only be solved by stabilizing the metropolitan area, the epicenter," and pledged, "We will securely supply 1 million housing units through private development and 500,000 public rental housing units, totaling 1.5 million units, within the next government's five-year term." Toward the end of his post, he also mentioned adjusting holding and transaction taxes to appropriate levels, criticizing, "Without supply and by only focusing on taxes and regulations, the real estate problem cannot be solved at all. Isn't the Moon Jae-in administration's miserable failure proof of that?"

Earlier, on the 18th, the Democratic Party confirmed a relaxation plan related to the Comprehensive Real Estate Tax and Capital Gains Tax at a policy lawmakers' meeting. Based on one household one house, the plan is to impose CRET only on the top 2% of official land prices and raise the non-taxable threshold for capital gains tax from KRW 900 million to KRW 1.2 billion.

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