Choi Jae-hyung: "Abolishing inheritance tax is not a policy for the top 1%... I will raise the highest progressive income tax rate"

Presidential Candidate Relay Interview with Former Board of Audit and Inspection Chairman Choe Jae-hyung
Presidential Candidate Entering Politics for 2 Months
"I Will Compete with My Unique Choe Jae-hyung Style"
Immediate Challenge: Passing the Cutoff on the 8th of Next Month

Choi Jae-hyung, People Power Party presidential primary candidate. Photo by Dongju Yoon doso7@

[Asia Economy reporters Naju-seok and Geum Bo-ryeong] Choi Jae-hyung, former chairman of the Board of Audit and Inspection and a presidential primary candidate of the People Power Party, stated regarding his pledge to abolish inheritance tax, "The progressive tax rate for the highest income bracket will be strengthened." Abolishing inheritance tax is one of Choi's major campaign promises.

In an interview with this publication on the 29th, Choi said, "If I become president, I will abolish inheritance tax but adjust the taxable income brackets and rates for income tax, corporate tax, and gift tax to significantly reduce the tax burden on the middle class and ordinary citizens."

He emphasized that abolishing inheritance tax does not mean tax cuts for the wealthy. He explained, "The pledge to abolish inheritance tax is not for the top 1%, but to restore the middle class and foster century-old companies." Choi pointed out, "After the Moon Jae-in administration's failure in real estate policy caused housing prices to skyrocket, the middle class has been subjected to tax rates of 20-40% depending on the taxable income bracket, increasing the inheritance tax burden." He added, "Due to the inheritance tax burden, many have given up on business succession or have sold and relocated their companies overseas." He proposed a method where inherited assets in cash or deposits would be taxed as income tax, and real estate or stocks would be taxed upon disposal or transfer. In political circles, Choi's pledge to abolish inheritance tax sparked controversy over whether it would fundamentally allow the transfer of wealth.

Choi expressed his determination to enter the primary with a resolute spirit, viewing crisis as opportunity. After retiring as chairman of the Board of Audit and Inspection, Choi immediately entered politics and emerged as a presidential contender. Although he was seen as an alternative to former Prosecutor General Yoon Seok-youl, his recent decline in approval ratings has cast a shadow over his chances of advancing to the final primary.

Choi said, "Being gentle is not necessarily a good thing for a politician," and pledged, "I will clearly show what it means to be Choi Jae-hyung." He added, "Unlike the existing politicians who make untrustworthy statements or engage in 'say anything' politics, I will show a completely different image."

Choi Jae-hyung, People Power Party presidential primary candidate. Photo by Dongju Yoon doso7@

Choi cited his recent promise to reconsider the Gadeokdo New Airport project as a prime example of his 'Choi Jae-hyung style.' Considering it was a long-cherished project for Busan and Gyeongnam (PK), this is a bold choice that goes against the strategic electoral district's voter sentiment. He said, "There is controversy not only about political calculations but also about whether it is technically and environmentally feasible. We should not push a tens-of-trillions project forward through bipartisan agreement just because of elections." However, during a previous visit to the PK region, he had promised to support the construction of the Gadeokdo New Airport. Regarding this, he confirmed his intention to respond calmly, saying, "There will be difficulties because of what I said during the Busan visit, but I am willing to accept that."

His immediate challenge is to pass the second cut-off. The People Power Party will narrow down the eight presidential candidates to four through a cut-off on the 8th of next month. Choi said, "My current goal is to move from fourth place to third place. I will focus on TV debates and promotion to gradually increase my approval ratings." He added, "Rather than approaching this politically or strategically to raise approval ratings, I will realize trustworthy politics by conveying sincerity."

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