Hong Jun-pyo's Tax Reform Pledge: "I Will Reduce Income Tax and Corporate Tax"

Consideration of Introducing Defense Tax
"Tax Policy Aims to Create a Vibrant Economic Environment, Not a Robin Hood Approach"

[Image source=Yonhap News]

[Asia Economy Reporter Naju-seok] Hong Jun-pyo, a presidential candidate from the People Power Party, announced a major tax reform pledge on the 15th. The core points include simplifying the tax system and reducing direct taxes and corporate taxes.

On the same day, Hong stated on social media (SNS), "The types of taxes in our country are too many and complicated, to the extent that even tax accountants get confused," adding, "Therefore, I believe the core of tax reform should first simplify the types of taxes and aim to revitalize the economy by increasing the disposable income of ordinary citizens and companies, thereby boosting consumption and corporate reinvestment."

He said, "First, direct taxes such as income tax and corporate tax should be reduced to increase the disposable income of households and businesses."

Regarding real estate, he stated, "Capital gains tax should be abolished, the introduction of transaction tax should be considered, and in cases of redevelopment and reconstruction, people who have lived in the area for more than five years should be excluded from the excess profit recovery system." Additionally, he said, "The assessment of official land prices should be changed so that it only takes effect with the resolution of the relevant standing committee of the National Assembly, in accordance with the principle of taxation by law."

Hong said, "Taxes closely related to the livelihood of ordinary people, such as tobacco tax and fuel tax, should be reduced, and a certain portion of the education tax should be supported to universities," adding, "With the number of school-age children decreasing and schools consolidating, isn't it natural that the increasing education tax should be mandatorily supported to universities, which are facing growing difficulties?"

He also proposed the introduction of a defense tax. He said, "Regarding the introduction of a volunteer military system, the introduction of a purpose-specific defense tax should also be considered," and added, "The purpose of taxation should not be a Robin Hood-style policy that takes from the rich to give to the poor, but rather to create a vibrant economic environment."

Hong stated, "It is time to stop the reckless plundering of the people through excessive taxation and then distributing a portion of it as disaster relief funds as if it were a favor."

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