Lee Jae-myung: "Moon's Real Estate Policy Failed... Postponing Capital Gains Tax Hike Is Just Changing the Means"

Regarding the Daejang-dong Allegations: "Even If I Go Back, I Would Make the Same Choice"

Lee Jae-myung, the Democratic Party presidential candidate, is delivering the keynote speech at a debate hosted by the Korea Newspaper and Broadcasting Editors Association held at the Press Center in Jung-gu, Seoul on the 30th. Photo by the National Assembly Press Photographers Group

[Asia Economy Reporter Jeon Jin-young] Lee Jae-myung, the Democratic Party presidential candidate, responded on the 30th to criticism that his pledge to ease the comprehensive real estate holding tax (종부세) and other real estate tax relief benefits contradicts the Democratic Party's policy direction by saying, "The means can be changed to achieve the goal of resolving the multi-homeowner issue." Regarding the 'Daejang-dong suspicion,' he said, "Even if I went back, I would have made the same choice in that situation."

At a discussion hosted by the Korea Newspaper and Broadcasting Editors Association that morning, Lee explained his pledges such as easing the 종부세 and deferring capital gains tax by saying, "The reason for imposing taxes on real estate is market stabilization," and "If the system is unsuitable for achieving its purpose, it should be changed." Referring to the deferral of increased capital gains tax, he pointed out, "The burden of holding real estate should continue to increase, but there is a national consensus that the transaction tax burden should be reduced. We need to balance these." He added, "However, these two are happening simultaneously. It is a kind of policy failure." He emphasized the necessity of the policy by saying, "The pressure from 종부세 has increased, so multi-homeowners have to sell their houses, but with capital gains tax at 70% or 80%, the properties are trapped."

Regarding the 'Daejang-dong suspicion,' he said, "It was a situation where joint development had to be done amid opposition from the opposition party holding the majority of seats," and "Even if I went back, I could not have allowed private developers to receive 100% of the development profits as they wished." Lee questioned, "As a compromise, public funds were mobilized while maximizing public recovery. Could there have been another choice?"

On the differentiation strategy from the Moon Jae-in administration, he replied, "If asked whether the Moon administration and the Lee Jae-myung administration are different or the same, I can only say both different and the same." Lee said, "Our society is excessively caught up in factional logic and black-and-white thinking," and "We must acknowledge the middle ground," clarifying that the differentiation strategy is not about directly opposing the Moon administration.

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