Minbyun Criticizes Yoon Seok-yeol's "Reconsideration of Comprehensive Real Estate Tax" Pledge... "Incitement with a Bomb"

Yoon Seok-yeol, the presidential candidate of the People Power Party, is attending a press conference hosted by the Seoul Foreign Correspondents' Club (SFCC) at the Press Center in Jung-gu, Seoul, on the 12th, responding to questions from reporters. Photo by the National Assembly Press Photographers Group

[Asia Economy Reporter Kim Hyung-min] The Lawyers for a Democratic Society (Minbyun) strongly opposed the pledge of Yoon Seok-yeol, the People Power Party's presidential candidate, to abolish the Comprehensive Real Estate Holding Tax (종합부동산세, Jonghap Budongsanse) and either integrate it with the property tax or exempt one-homeowners.

On the 15th, Minbyun issued a statement saying, "We strongly condemn Yoon Seok-yeol, the People Power Party's presidential candidate, who incited fear by calling the Comprehensive Real Estate Holding Tax a bomb and pledged to abolish it and exempt one-homeowners."

Minbyun stated, "The current Comprehensive Real Estate Holding Tax Act sets high tax rates for multi-homeowners," and argued, "Those who claim the tax is excessive are not one-homeowners but multi-homeowners in the Seoul metropolitan area who have not registered as housing rental business operators or have purchased homes in regulated areas for speculative purposes."

They added, "As of 2021, the Comprehensive Real Estate Holding Tax on an apartment valued at 2 billion KRW is at most 1.25 million KRW, and if the owner of a 2 billion KRW apartment is currently 70 years old and has held the property for 10 years, the tax is at most 250,000 KRW."

Earlier, Yoon wrote on his social media service (SNS) Facebook account regarding the Comprehensive Real Estate Holding Tax, "I will consider integrating it with the property tax or exempting one-homeowners," and added, "By this time next year, I will make sure that the public no longer has to worry about being hit by the Comprehensive Real Estate Holding Tax bomb."

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