With "Government Tax Reform Bill, Boosting Economic Vitality"... Opposition Party Says "Full Review Needed"

People Power Party "Strengthening Support for Working and Middle Class, Boosting Economic Vitality"
Democratic Party "Only Relying on Trickle-Down Effect from Tax Cuts"

Regarding the government's tax law amendment proposal, the ruling party evaluated that it contains efforts to address population issues, strengthen support for the working class and middle class, and revitalize the economy. The opposition party demanded a complete review and harshly criticized it, saying, "Resubmit it."

Ryu Seong-geol, the People Power Party whip of the National Assembly's Planning and Finance Committee, stated at a party strategy meeting held at the National Assembly regarding the tax law amendment proposal, "The tax law amendment proposal is based on the fundamental directions of revitalizing the economy, restoring the livelihood economy, preparing for the future, and improving taxpayer convenience and fairness," adding, "In particular, support related to marriage, childbirth, and childcare for future preparation has been significantly strengthened."

Ryu said, "Important contents include the establishment of a gift property deduction related to marriage, raising the non-taxable limit for childbirth and childcare allowances, abolishing the full deduction limit for medical expenses for infants aged 0 to 6, and easing the requirements for postpartum care cost medical expense tax credits," and evaluated, "It is truly fortunate that the tax law amendment proposal has strengthened encouragement for marriage and childbirth and support for childcare." He also said, "Proposals to support exports, investment, and employment to revitalize the economy and stabilize livelihoods, as well as expanded support for small and medium-sized enterprises and small business owners, were announced," adding, "While laying the groundwork for corporate growth amid difficult economic conditions, the burden on ordinary citizens has been reduced."

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is giving a detailed briefing on the 2023 tax law amendment at the Government Complex Sejong on the 24th.
[Photo by Yonhap News]

He said, "The Democratic Party of Korea harshly criticizes this tax law amendment proposal as an empty shell with no sign of consideration," and demanded, "Instead of wasting party resources on criticism for the sake of criticism, the Democratic Party should actively cooperate in efforts to solve the pressing population problem, strengthen support for the working and middle classes, and revitalize the economy."

Park Kwang-on, the floor leader of the Democratic Party, demanded at the Democratic Party's Supreme Council meeting held at the National Assembly, "The government should conduct a full review of the tax law amendment proposal announced yesterday." Park said, "The purpose of the tax system is to strengthen the distribution and redistribution functions to broaden and firmly expand the revenue base. Furthermore, actively responding to future challenges such as low birth rates, aging, climate crisis, and energy disasters is the global trend of the times," and criticized, "The government is still relying only on the trickle-down effect through tax cuts while maintaining austerity."

Park stated, "The biggest beneficiaries of this tax law amendment proposal are the ultra-high-income groups and large conglomerates," and added, "Benefits for the working class, middle class, and vulnerable groups are very limited." He continued, "There are no support measures to respond to high interest rates and high inflation," and said, "The contradictory attitude of continuing tax cuts while trying to take care of the welfare of the weak cannot protect the lives of the people."

Regarding the tax law, Park said, "The Democratic Party will actively prepare and present alternatives by forming a Tax and Fiscal Reform Task Force within the National Assembly," and stated, "We hope the government will resubmit an improved version to the National Assembly."

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