청와대 and the ruling party defend against 'comprehensive real estate tax bomb theory' using automobile tax example

Lee Hoseung, Blue House Policy Chief, Compares 2.5 Billion Apartment Comprehensive Real Estate Tax and 35 Million Won Grandeur Car Tax

[Asia Economy Reporter Ryu Jeong-min] The Blue House and the ruling party have defended themselves for two consecutive days regarding the so-called comprehensive real estate tax (종부세) bomb theory.

Lee Ho-seung, Chief of Policy at the Blue House, stated in a KBS radio interview on the 24th, "When comparing a 2.5 billion won apartment and a 35 million won Grandeur, it seems somewhat insufficient to say that this is a bomb to such an extent."

Lee refuted the 종부세 bomb theory by citing the case of a friend in his 50s who owns a Grandeur passenger car. He explained, "There is a person in their 50s who has owned an apartment worth about 2.5 billion to 2.7 billion won for 12 years, and upon checking, the 종부세 was 720,000 won," adding, "If it is a 2,500cc Grandeur, the automobile tax is 650,000 won."

[Image source=Yonhap News]

The previous day, Song Young-gil, leader of the Democratic Party of Korea, also rebutted with a similar example, saying, "Among the 종부세 taxpayers who own one house per household, more than 70% have properties worth 2.6 billion won (officially assessed value 1.7 billion won), and the tax is about 500,000 won," and "The automobile tax for a 2,000cc Sonata mid-sized car is 520,000 won."

Additionally, Lee emphasized that 98% of the public do not receive 종부세 tax bills. He also mentioned that one-household-one-home 종부세 taxpayers can receive deductions of up to 80% depending on conditions, which reduces their burden.

Lee said, "Since the 종부세 has been imposed from the time of its introduction on those with considerable assets, it is a kind of holding tax," and added, "I think it can also be understood as a positive aspect of practicing a kind of noblesse oblige."

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