Choi Jae-hyung's Pledge to 'Completely Abolish Inheritance Tax'... "Respect for Citizens' Private Property Rights"

Choi Jae-hyung, preliminary presidential candidate of the People Power Party. / Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Geum Bo-ryeong] Choi Jae-hyung, former head of the Board of Audit and Inspection and a presidential candidate from the People Power Party, has proposed the 'complete abolition of inheritance tax' as a campaign pledge.

On the 16th, Choi held a press conference at his presidential campaign office in Yeouido, Seoul, stating, "We will respect the private property rights of individuals, recognize the legitimate freedom to dispose of private property, and at the same time ensure that businesses can continue to produce value and create jobs in a free management environment."

He pointed out, "Due to the recent rapid rise in asset prices, the houses you live in and the properties you own often exceed the inheritance tax exemption limits by a large margin. Inheritance tax has become a challenge and burden that ordinary citizens, who have worked hard all their lives to own a house, a car, or some stocks and want to pass them on to the next generation, must face."

Choi continued, "Korea's inheritance tax is among the highest in the world, and especially for the inheritance of corporate shares, taxes exceeding half are imposed, causing companies to give up family business management and dispose of their businesses because they cannot pay the inheritance tax. Many advanced countries operate systems that reduce or defer inheritance tax if the family business is inherited and managed continuously, creating jobs. Korea also has such a system, but the deduction requirements and post-management conditions are so strict that companies give up succession and sell or close down, or even push to relocate overseas early," he criticized.

He also emphasized that abolishing inheritance tax is not a 'tax cut for the rich' or 'tax cut for conglomerates.' He said, "We will not allow tax cuts to benefit only some wealthy groups, as some fear. Inheritance tax accounted for about 1% of total tax revenue last year. Completely abolishing this inheritance tax does not mean that no taxes will be paid at all."

Along with this, Choi presented a solution. He explained, "If income tax, corporate tax, and property tax are redesigned, fair taxation can be achieved, and by sustaining business operations, jobs can be maintained and created. If the inherited property is cash or deposits, it should be taxed as income tax, and if it is real estate or stocks, it should be taxed when disposed of or transferred."

Meanwhile, Choi said on the same day, "From now on, I will be someone who speaks out about issues that I feel are problematic but that people have been afraid to address due to fear of criticism, blame, or questioning."

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