Jang Hye-young: "'Rich Tax Cut Law' Amendment to Comprehensive Real Estate Tax Must Be Vetoed by Moon"

[Asia Economy Reporter Oh Ju-yeon] On the 19th, Justice Party lawmaker Jang Hye-young criticized the comprehensive real estate tax amendment bill that passed the National Assembly standing committee subcommittee as a "perfect tax cut bill for real estate rich" and urged President Moon Jae-in to "declare that he will exercise his veto power."

[Image source=Yonhap News]

On that day, Lawmaker Jang held a press conference at the National Assembly communication office and evaluated the comprehensive real estate tax amendment bill processed by the National Assembly Planning and Finance Committee Tax Subcommittee as a "deterioration bill that completely undermines the purpose and content of the comprehensive real estate tax law," making the remarks.

The National Assembly Planning and Finance Committee held a tax subcommittee and passed an amendment bill that relaxes the taxation standard by increasing the deduction amount for one household one homeowner from the current official land price of 900 million won to 1.1 billion won. The previously discussed plan to impose tax on the top 2% of official prices was discarded.

Lawmaker Jang pointed out, "The 2% comprehensive real estate tax deterioration bill, which the Democratic Party of Korea confirmed as a party resolution in June and pushed through, was ultimately nothing more than a show for tax cuts for the rich."

He said, "If this bill passes the plenary session, owners of high-priced houses with official prices between 900 million won and 1.1 billion won will be exempt from the comprehensive real estate tax, and the comprehensive real estate tax on high-priced houses with official prices over 1.1 billion won will be significantly reduced. For a high-priced house with an official price of 2 billion won, the comprehensive real estate tax will decrease by 2.2 million won, and for a 5 billion won house, it will decrease by 3 million won."

He continued, "At a time when housing prices continue to soar like now, the passage of this comprehensive real estate tax deterioration bill that lowers the tax burden on high-priced houses is a declaration by both the Democratic Party of Korea and the People Power Party to give up on stabilizing real estate prices."

Lawmaker Jang said, "It is truly deplorable that today, the Moon Jae-in administration, which claims to inherit the Participatory Government, has colluded with the People Power Party, which blatantly defends real estate vested interests, to pass a comprehensive real estate tax deterioration bill that completely undermines the purpose and content of the comprehensive real estate tax law in the subcommittee," and criticized President Moon by saying, "Even if this bill passes the plenary session, declare that you will exercise your veto power as the president's authority."

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