Lee Jae-myung: "We Will Definitely Block the Yoon Government's Ultra-Rich Tax Cuts in This Regular National Assembly"

"Generational Trend, Also a Matter of Fairness"
Declared Promise Before the People

[Image source=Yonhap News]

[Asia Economy Reporter Park Jun-yi] Lee Jae-myung, leader of the Democratic Party of Korea, directly criticized the budget proposed by the Yoon Seok-yeol administration, stating, "I promise to definitely block the ultra-wealthy tax cuts in this regular National Assembly session."

On the 19th, Lee held a Supreme Council meeting at the National Assembly and said, "The Democratic Party tells the public that we will block the ultra-wealthy tax cuts, which cause serious problems immediately as they go against the era's trend of reducing polarization and fairness. I hope this will be enforced within the parliamentary floor," he said.

He added, "Promises must be fulfilled to build trust in politics."

He criticized, "Even if tax cuts are given to companies, it might be understandable for struggling small and medium enterprises, venture companies, or growing companies, but it is completely unacceptable to cut taxes only on operating profits exceeding several hundred billion won. It is also utterly incomprehensible to exempt comprehensive real estate tax increases for those owning three or more houses and capital gains tax on stocks worth not 1 billion won but 10 billion won," referring to 100 billion won.

When he asked Floor Leader Park Hong-geun, "How is it being handled in the parliamentary floor?" Park replied, "They (the government and ruling party) will likely try to link it with subsidiary bills during the upcoming Ministry of Economy and Finance subcommittee and budget review," adding, "We will clearly state our position and say we cannot agree."

Kim Seong-hwan, chairman of the Policy Committee, also responded, "We are in frequent consultations, but the core of the U.S. Inflation Reduction Act is effectively a corporate tax increase, with half of the revenue invested in climate crisis and the Green New Deal," emphasizing, "We must block the ultra-wealthy tax cuts."

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