The Democratic Party on Yoon's 'Complete Review of Comprehensive Real Estate Tax': "Simply a Display of Pro-Rich Bias"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Seon-ae] The Democratic Party of Korea criticized Yoon Seok-yeol, the presidential candidate of the People Power Party, on the 14th for announcing a full review of the comprehensive real estate holding tax (종부세), calling it "simply the nature of the rich."

Jin Seong-jun, chairman of the Euljiro Committee of the Democratic Party, stated on Facebook that day, "Candidate Yoon proposed a reduction of the comprehensive real estate holding tax for homeowners and landowners who make up 1.7% of the population."

Jin said, "There is not even a trace of awareness of the increasingly serious asset inequality and gap, nor any sense of social responsibility called noblesse oblige. It is an unjust claim aimed solely at winning favor with a tiny minority of landowners, homeowners, and vested-interest media," he argued.

He continued, "Does candidate Yoon even imagine the situation of the 2030 youth, newlyweds, and non-homeowning ordinary citizens who are desperate and angry about skyrocketing housing prices? If he understands even a little of their pain, I hope he immediately withdraws the proposal for tax cuts for real estate wealthy."

Assemblyman Shin Dong-geun also criticized on Facebook, saying, "If candidate Yoon's claim is true, there will be no reason for multi-homeowners and other real estate wealthy to feel burdened about owning real estate," adding, "It will create perfect conditions for construction speculators to run rampant."

Shin said, "Is the country that candidate Yoon dreams of nothing more than a paradise for real estate wealthy? Instead of controlling real estate, he will target vulnerable groups such as non-homeowners," he claimed.

Earlier, candidate Yoon stated on Facebook that day, "If I become president, I will conduct a full review of the comprehensive real estate holding tax," and added, "I will consider integrating the comprehensive real estate holding tax into the property tax or exempting it for single-homeowners."

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