Kim Ki-hyun: "Democratic Party's 2% Comprehensive Real Estate Tax Proposal Divides the People... Side Effects Are Obvious"

Kim Ki-hyun, floor leader of the People Power Party, is attending the floor strategy meeting held at the National Assembly on the 22nd and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Naju-seok] Kim Ki-hyun, floor leader of the People Power Party, criticized the Democratic Party of Korea's party line to impose a 2% comprehensive real estate tax as 'dividing the people.'

On the 22nd, Floor Leader Kim said, "The Democratic Party is wavering over raising the threshold for the comprehensive real estate tax," adding, "They seem worried about the upcoming presidential election if they keep the current system, but they are also afraid of backlash from hardliners within the party if they accept the 1.2 billion KRW proposal suggested by our People Power Party, leaving them unable to make a decision."

He pointed out, "Although they proposed imposing the comprehensive real estate tax on the top 2%, it was not welcomed either inside or outside the party," and added, "The side effects are obvious."

Floor Leader Kim said, "Real estate asking prices rise overnight, and with official land prices being realized up to 90% of market prices, people are trembling in anxiety, not even knowing the threshold for the comprehensive real estate tax or when they might face a tax bomb," criticizing, "This will result in dividing the people into 2% and 98% based on real estate values."

He urged, "The Democratic Party must immediately abandon the bad habit of exploiting division of the people as an election strategy," and criticized, "This comprehensive real estate tax controversy is the epitome of the Democratic Party's incompetence and stubbornness." He continued, "If they are unable to control housing prices, they should stop targeting innocent citizens and accept the opposition's proposal to ease the real estate tax bomb even a little."

Ryu Seong-geol, a People Power Party lawmaker and minority whip of the Planning and Finance Committee, also criticized the plan to impose the comprehensive real estate tax on the top 2%, saying, "As far as I know, there is no such standard globally," and warned, "There is a high possibility of blind taxation." Lawmaker Ryu also pointed out that it does not comply with the principle of legality in taxation or tax principles.

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