Kwon Seong-dong: "Democratic Party Insists on Forcing Financial Investment Tax... Stop Pretending to Be a Clumsy Robin Hood"

[Asia Economy Reporter Naju-seok] On the 13th, Kwon Seong-dong, a member of the People Power Party, warned against the Democratic Party's push for the financial investment income tax, saying, "Stop the clumsy Robin Hood imitation aimed at punishing the rich."

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On the same day, Kwon said through social media (SNS), "The Democratic Party is insisting on pushing forward with the financial investment income tax," adding, "If this continues, the tax on capital gains from stocks will inevitably be implemented in January next year. The 14 million stock investors are trembling with anxiety."

He continued, "If the financial investment income tax is abruptly implemented next year, a stock market crash and economic crisis are as obvious as seeing fire," and cited, "In 1989, Taiwan introduced a capital gains tax on stocks, but when the stock index plunged nearly 40% within a month, the tax was withdrawn."

Kwon said, "On the 8th, the Democratic Party said they would 'take responsibility for the aftershocks of introducing the financial investment income tax,'" but questioned, "The Democratic Party has neither the will nor the ability to 'take responsibility.' What responsibility did they take for the failed income-led growth policy or the skyrocketing real estate prices despite dozens of countermeasures announced?"

He argued, "The most desirable distribution of wealth in a free market economy is for the people and companies to share growth," adding, "In particular, stocks are a very good means of distributing wealth. People should be able to become shareholders and use stocks as a means of increasing their assets." He called the financial investment income tax the "'Long-term Investment Ban Act' that takes away about 25% of profits as soon as you open a long-term savings box," and said, "It breaks the virtuous cycle of wealth where citizens become shareholders of companies."

Kwon claimed, "During the five years of the Moon Jae-in administration, due to wrong economic policies, the people lost their jobs and homes," and asked, "Are you now trying to turn stocks into worthless scraps of paper?"

He concluded, "When politics is done with fairy-tale delusions, only the people suffer," adding, "You are not Robin Hood but are called 'Golbin Hood' (Empty-headed Hood)."

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