Lee Jae-myung's Side: "Comprehensive Real Estate Tax, a 'K-Tax' the World Envies and Roh Moo-hyun's Dream"

Sharing Article by Tax Accountants Park Chandae and Gu Jaei

Senior Spokesperson Park Chandae.

[Asia Economy Reporter Na Ye-eun] Park Chan-dae, chief spokesperson for Lee Jae-myung, the Democratic Party of Korea's presidential candidate, described the controversial comprehensive real estate holding tax (종부세) as a "K-tax that the world envies."

On the 24th, Park shared a post on his Facebook titled "K-tax that the world envies, the dream of Roh Moo-hyun is realized." The post was written by tax accountant Koo Jae-ee, director of the Korea Taxpayer Rights Institute.

Koo pointed out, "Despite the opposition party and some media's harsh rhetoric about the 종부세 bomb and calls for its abolition, the 2021 종부세 tax bills have been sent out," adding, "The media continues to publish sensational articles about tax bombs and family breakdowns, while the ruling party and government are uneasy ahead of the election."

He emphasized, "This year's 종부세 focuses heavy taxation on multi-homeowners with two or more houses who infringe on others' housing rights and corporate-owned homes held for speculative purposes rather than for dormitories or business use. Only now has the 종부세 fulfilled its purpose and function as a progressive comprehensive tax on excessive real estate holdings."

He continued, "Multi-homeowners were warned by the government about an impending heavy tax storm and told to take action, but they indulged in soaring house prices and hoped for tax relief, so they did not sell their multiple homes and are now receiving 종부세 tax bills," adding, "Don't want to pay 종부세? Become a single homeowner you envy immediately. Even one 'smart single home' is good; if you become a single homeowner, your next 종부세 will be reduced by more than one-tenth."

Koo stated, "종부세 is a 'good tax.' It is not a tax on income earned through hard work like earned income or business income, nor is it a tax like value-added tax or corporate tax that negatively impacts the economy," and said, "Are you paying 종부세? If you own a fairly nice home, paying this tax is like making a named donation to your hometown or underdeveloped regions, so shouldn't you be proud? This is exactly the comprehensive real estate holding tax envisioned by Roh Moo-hyun."

He added, "Like semiconductors and shipbuilding, BTS and Parasite, Squid Game and the In-App Abuse Prevention Act, the 종부세 is a 'K-tax' that the world envies! Now, you can truly be proud."

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