People Power Party on Budget Mediation Proposal: "Government and Ruling Party Are Deliberating"
Earlier, Lee Jae-myung, Democratic Party Leader, Held a Press Conference Accepting the Budget Mediation Proposal
Joo Ho-young, floor leader of the People Power Party (left), and Song Eon-seok, chief deputy floor leader. Photo by Yoon Dong-joo doso7@
View original image[Asia Economy Reporter Kum Boryeong] The People Power Party stated that the ruling party and government are currently deliberating, in response to the Democratic Party of Korea's decision to accept Speaker Kim Jin-pyo's mediation proposal regarding the passage of next year's budget bill.
Song Eon-seok, the senior deputy floor leader of the People Power Party, said on the afternoon of the 15th at the National Assembly, "The floor leaders are currently attending the government task inspection meeting chaired by President Yoon Seok-yeol. Once the inspection meeting concludes, there will likely be a brief meeting including the Presidential Office and the Ministry of Economy and Finance. I assume our government and ruling party's position will be decided there." Speaker Kim Jin-pyo's mediation proposal includes a plan to reduce the highest corporate tax rate by 1 percentage point.
Deputy Floor Leader Song explained, "(The Democratic Party) has not made any progress," adding, "Initially, the government submitted a proposal to reduce the corporate tax by 3 percentage points, but they rejected the Speaker's initial proposal to postpone it for two years. While a 1 percentage point reduction may have some effect in enhancing corporate competitiveness, it does not simplify or reduce the corporate tax rate structure."
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Earlier, Lee Jae-myung, leader of the Democratic Party, held a press conference at the National Assembly in the afternoon and said, "After much deliberation, the Democratic Party has decided to respect the Speaker's intention from a magnanimous perspective and accept the mediation proposal," adding, "Although the Speaker's mediation proposal does not fully align with the Democratic Party's position, we have made this decision considering the difficult livelihood and economic situation."
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