Yoon Suk-yeol: "The Problem with Defining Tax Systems by '2% vs. 98%' Division"

Yoon Seok-yeol, the presidential candidate of the People Power Party, is delivering opening remarks at the Kwanhun Club invitation debate held on the 14th at the International Conference Hall of the Press Center in Jung-gu, Seoul. Photo by National Assembly Press Photographers Group

[Asia Economy Reporters Hyunju Lee and Boryeong Geum] Yoon Seok-yeol, the presidential candidate of the People Power Party, stated on the 14th during a debate that "it is a serious problem to set the tax system from a divisive perspective" in relation to the effects of abolishing the Comprehensive Real Estate Holding Tax (종부세).

At the Kwanhun Club debate held at the Korea Press Center in Seoul that day, Yoon said, "Among those subject to the 종부세, many legally own houses worth over 1.1 billion won, but many also have large loans and their actual net assets are not much. If high-rate taxation is imposed on these people, it will be 100% passed on to tenants."

He added, "Although the 종부세 is said to apply to 2% of owners, if you consider residents, it exceeds 10%. Considering the pass-through effect, the impact is even greater."

Yoon also said, "It is not about reducing taxation on those with high assets and income," but "the economic effects of such taxation should be analyzed in detail and scientifically, and then the 종부세 should be imposed."

When asked whether the 종부세 on the house he currently lives in has increased, he replied, "Since it is not my house, I have not even checked how much the market price is," and added, "I do not know how much 종부세 has been levied."

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