Lee Jae-myung: "Yoon Seok-yeol supports tax cuts for the rich, I support tax cuts for the common people"… Criticism of 'Comprehensive Real Estate Tax Abolition'

"Opposition to Land Ownership Tax Is Foolishness Played by Political Forces"

Yoon Seok-yeol, the People Power Party presidential candidate, and Lee Jae-myung, the Democratic Party presidential candidate (from left)

[Asia Economy Reporter Na Yeeun] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, stated that Yoon Seok-yeol, the presidential candidate of the People Power Party, proposing a review of the comprehensive real estate tax (종부세) is "a real estate tax cut that benefits only a few wealthy real estate owners and encourages real estate speculation."

On the afternoon of the 16th, Lee posted on his social media (SNS) saying, "Between Yoon Seok-yeol's tax cuts for the rich and Lee Jae-myung's tax cuts for the common people, which would the public choose?"

Regarding the basic income land tax (국토보유세) he proposed as a funding plan for basic income, he claimed, "It is a tax cut for the common people who pay more than 90% of the tax, aimed at preventing real estate speculation."

Lee plans to introduce the basic income land tax to raise the effective real estate holding tax rate from 0.17% in 2018 to 1%, securing 30 trillion won in funding through this measure.

On the previous day (the 15th), he also wrote on his Facebook, "The national land holding tax revenue will be distributed equally to all citizens," adding, "Opposing the basic income land tax out of fear of losing because you are not in the top 10% of landowners is foolishness played by malicious media and corrupt political forces."

On the other hand, Yoon proposed a policy to ease holding taxes, including a full review of the comprehensive real estate tax and, in the mid-to-long term, an exemption from the tax for single-homeowners.

He stated, "For those subject to the comprehensive real estate tax, it is nothing but a tax bomb," and added, "Among single-homeowners, there are elderly people with little income. Moreover, many people have experienced stagnant or reduced income due to the COVID-19 crisis. How can these people bear such high taxes?"

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