Yeo to Park Wan-joo: "Capital Gains Tax Relief, Burden on Multi-Homeowners... Significant Opposition Within the Party"

Park Wan-joo, the Policy Committee Chairman of the Democratic Party of Korea, is attending the floor strategy meeting held at the National Assembly on the 23rd and delivering a speech. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Jeon Jin-young] On the 7th, Park Wan-joo, the Policy Committee Chair of the Democratic Party of Korea, stated that it is difficult to consider easing capital gains tax, including for multi-homeowners. At a press briefing held at the National Assembly that morning, Chair Park said, “The easing criteria were for single-homeowners. Both the comprehensive real estate tax and capital gains tax were intended for single-homeowners,” adding, “Strictly speaking, considering multi-homeowners is quite burdensome.”

He said, “Some lawmakers agree with and are looking into the difficulties faced by multi-homeowners, but it is not correct to interpret this as immediately touching the comprehensive real estate tax for multi-homeowners,” and added, “Rather, it is about mediating things that were not specific when initially created, not about making it an issue now to fix.”

Chair Park conveyed the divided atmosphere within the party. He said, “Some lawmakers argue that since there are multi-homeowners who want to sell but cannot because the comprehensive real estate tax has increased, a grace period should be given to allow them to sell, but there is strong opposition within the party as touching this would send the wrong signal to the market.”

Regarding candidate Lee Jae-myung’s proposal to candidate Yoon Seok-youl of the People Power Party to “find a 50 trillion won support plan for small business owners,” he said, “It means proposing a supplementary budget (additional budget).” Chair Park said, “It is a message urging the opposition candidate to join in immediately resolving the difficulties faced by small business owners,” adding, “For now, we have to wait. The supplementary budget is proposed by the government.”

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