Second Round of Government Questioning on 'Economy'... Opposition: "Tax Cuts for the Rich" vs Ruling Party: "Nuclear Phase-Out"

Opposition: "Corporate Tax Cuts = Tax Cuts for the Rich"
Excess Tax Revenue and Household Debt Also Raised
Ruling Party Directly Blames Moon Jae-in
"Increasing Renewable Energy Share Causes KEPCO Deficit"

Eunju Lee, Emergency Response Committee Chair of the Justice Party, is delivering a representative speech for non-negotiating groups at the plenary session held at the National Assembly on the 25th. Photo by Dongju Yoon doso7@

On the second day of the National Assembly's interpellation session on the 26th, the ruling and opposition parties will clash over the frames of ‘failure of the previous government's economic policies’ and ‘criticism of tax cuts.’ While the opposition criticizes the lack of response strategies amid the economic crisis and corporate tax cuts, the ruling party plans to emphasize the previous government's economic policy failures and the current administration's national agenda.

Oh Ki-hyung, a member of the Democratic Party of Korea participating in the interpellation, said in a phone interview that day, "I plan to focus my questions on the issue of excess tax revenue, corporate tax cuts, and household debt." In particular, he intends to highlight that the corporate tax cuts are policies aimed at ‘tax cuts for the wealthy.’ He pointed out, "The corporate tax cuts are only granted to top-tier companies among the 0.01% of large corporations, and the amount (approximately 13.1 trillion won) is not insignificant." He also plans to hold Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho accountable regarding the Ministry of Economy and Finance's errors in estimating excess tax revenue.

The opposition also points to the current government's ‘economic diplomacy’ failure as a cause of high exchange rates and high inflation. They argue that the U.S.-centered diplomatic policy undermines economic security and negatively affects responses to the economic crisis. Kim Kyung-hyup, a Democratic Party lawmaker who will question on this day, criticized, "The Korean government worries more about the U.S. than the U.S. government itself," adding, "While accepting 100% of the U.S. demands, it fails to uphold national interests such as concluding a Korea-U.S. currency swap, thereby fueling the high exchange rate." Economic expert Hong Sung-guk also said, "I plan to check whether they understand if the current economic downturn is a simple recession or a structural recession."

The People Power Party points to the previous government's economic policy failures, putting the ‘Moon Jae-in responsibility theory’ front and center. Han Moo-kyung, who will question that day, criticized, "The increase in the share of renewable energy generation under the Moon Jae-in administration worsened Korea Electric Power Corporation's deficits and led to electricity rate hikes." Choi Seung-jae said, "I plan to point out that during the previous government's COVID-19 financial support, the income tracking system was inadequate, leading to indiscriminate spending and blind spots."

The core national agenda of the Yoon Suk-yeol administration will also be a topic. Im Eui-ja, a lawmaker from the labor sector, said, "To overcome the comprehensive crisis, the ruling and opposition parties must come together for a social grand compromise. I will emphasize the need for labor and education reforms to improve productivity and accumulate human resources." Labor market reforms such as strengthening workers' choice over working hours and reforming the wage system for generational coexistence, which have been consistently emphasized since the start of the Yoon administration, are expected to be discussed. Jo Myung-hee plans to request the government to foster cybersecurity talent and establish a presidential-level National Space Agency. The ruling party's first bill, the introduction of a delivery price linkage system, is also expected to be addressed that day.

Prime Minister Han Duck-soo, Deputy Prime Minister Choo Kyung-ho, Minister of Science and ICT Lee Jong-ho, and Minister of Land, Infrastructure and Transport Won Hee-ryong will attend the interpellation session that day.

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