Yoon: "Easing Tax Burden on Multi-Homeowners... Reducing Housing Costs for Ordinary People"

- Presiding over the Emergency Economic and Livelihood Meeting and the National Economic Advisory Council, Mentioning 'Housing Cost Burden'
- President Yoon: "Passed Directly to Tenants," Democratic Party Opposes Abolishing Heavy Taxation

President Yoon Suk-yeol is presiding over the 12th Emergency Economic and Livelihood Meeting and the 1st National Economic Advisory Council at the Blue House Reception Hall on the 21st. /

[Asia Economy Reporter Baek Kyunghwan] President Yoon Suk-yeol stated on the 21st, "We must significantly ease the tax burden on multi-homeowners to reduce the housing cost burden on the people."

President Yoon made these remarks while presiding over the 12th Emergency Economic and Livelihood Meeting and the 1st National Economic Advisory Meeting at the Blue House State Guest House that morning. He explained, "In the past, those who ideologically dealt with real estate issues believed that imposing heavy taxes on multi-homeowners was ethically correct. However, now, in a global high-interest rate environment, when asset values including real estate decline, people prefer renting over buying homes." He added, "Ultimately, rental supply comes from multi-homeowners, so the tax burden is passed on to tenants, increasing the housing cost burden on the people."

In this regard, Kim Seong-hwan, the Policy Committee Chair of the Democratic Party of Korea, clearly opposed the government's plan to abolish the progressive acquisition tax system for multi-homeowners during a press briefing at the National Assembly the previous day, stating, "The Democratic Party has no intention of changing the progressive acquisition tax system for multi-homeowners."

President Yoon mentioned each task of the three major reforms (labor, education, pension) on the same day, saying, "Even if they are unpopular, they must be accomplished for the country's future and future generations," emphasizing, "We must make 2023 the inaugural year for promoting the three major reforms (labor, education, pension)." He instructed the relevant ministries to conduct detailed selection, public discussion, and prepare social consensus plans regarding the reform contents.

President Yoon also said, "We must activate reforms to eliminate accumulated evils and improve systems." Additionally, he mentioned, "Although the global money supply increased significantly due to the financial crisis and COVID-19 response, causing inflation to rise, fortunately, our economic team has managed real-time issues well, so I want to commend them for effectively managing exchange rates, inflation, and related aspects."

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