Park Hong-geun "If tax revenue decreases due to tax cuts, with what money will we support the common people?... I will block corporate tax cuts"

Negotiation Group Leader's Speech
"The Privatization of Presidential Power Will Surely Have Consequences"

Park Hong-geun, floor leader of the Democratic Party of Korea, is heading to the podium to deliver the floor leader's speech at the plenary session held at the National Assembly on the 20th. Photo by Yoon Dong-joo doso7@

[Asia Economy reporters Naju-seok, Geum Bo-ryeong, Park Jun-i] Park Hong-geun, floor leader of the Democratic Party of Korea, stated on the 20th, "We will definitely prevent the reduction of national finances caused by corporate tax cuts that concentrate benefits on a few conglomerates and large corporations." Park mentioned private recruitment and unfair personnel appointments of close aides, warning, "The privatization of presidential power will surely come at a cost," and used the expression so-called 'Mungori Yuksangsi' referring to former prosecutors.

In his speech at the negotiation group meeting held at the National Assembly that day, Park said, "If high inflation and high interest rates cannot be resolved in the short term, the highest priority of policy should be given to state support so that struggling citizens can endure," adding, "The role of fiscal policy is urgently needed."

Regarding the government's policy direction such as corporate tax cuts, he criticized, "If tax revenue decreases due to tax cuts, with what money will the government support ordinary citizens? Are they going to take care of conglomerates and the wealthy while ignoring the suffering of struggling small and medium-sized enterprises, self-employed people, and ordinary citizens?" He continued, "This year, the Democratic Party will boldly cut unnecessary budgets during budget review and will definitely increase the budget to support ordinary citizens and the middle class suffering from high inflation and high interest rates."

On real estate, Park said, "The real estate market, which was worried about soaring prices until last year, has turned to a downward trend, and by next year, the possibility of worrying about a crash is high," demanding, "Both the government and ruling and opposition parties must fundamentally reconsider the policies introduced during the real estate price surge period." In this regard, he said, "It is time to prepare measures against a real estate crash and the risks of real estate project financing (PF) and mortgage loan defaults."

Regarding the drop in President Yoon Seok-yeol's approval rating to the low 30% range, Park warned, "During the Park Geun-hye administration, the state affairs manipulation by Choi Soon-sil, an unofficial power who paralyzed the Blue House's public system, led to the unprecedented impeachment of a president in constitutional history," adding, "The privatization of presidential power revealed through private recruitment and unfair personnel appointments of close aides will surely come at a cost."

Park Hong-geun, floor leader of the Democratic Party of Korea, is delivering a negotiation group representative speech at the plenary session held at the National Assembly on the 20th. Photo by Yoon Dong-joo doso7@

He mentioned controversies over private recruitment in the presidential office and personnel issues skewed toward former prosecutors, saying, "Compared to the 'Mungori Saminbang' (the three key aides) of the Park Geun-hye administration's Blue House, criticism has been raised that the Yoon Seok-yeol administration's presidential office is dominated by the so-called 'Mungori Yuksangsi' (six key aides) from former prosecutors."

During Park's speech that day, some ruling party lawmakers voiced criticism. Democratic Party lawmakers showed support with applause intermittently during the speech.

Before Park's negotiation group speech, the National Assembly passed a resolution to form a Special Committee on Livelihood and Economic Stability. The committee will discuss urgent economic issues such as further expansion of fuel tax cuts, introduction of a delivery price linkage system, improvement of real estate-related systems, expansion of non-taxable meal allowances for office workers, the safe freight system, and continuous public transportation fare refunds.

Park Hong-geun, floor leader of the Democratic Party of Korea, is greeting fellow lawmakers after delivering the floor leader's speech at the plenary session held at the National Assembly on the 20th. Photo by Yoon Dong-joo doso7@

However, although the legislative schedule including the second half negotiation group speeches is underway, the organization of the National Assembly is still not fully completed. Kwon Seong-dong, acting party leader and floor leader of the People Power Party, said in a morning meeting of lawmakers at the National Assembly, "Negotiations in the National Assembly are still facing difficulties," adding, "We have decided to hold only the negotiation group leader speeches and government questioning sessions, and agreed to complete negotiations on the distribution of standing committee chairpersons by the 21st, but there has been no change in the positions of either the Democratic Party or us."

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