Handonghun "Forcing Financial Investment Tax, Creating Own Risk Factors... Requests Bipartisan Cooperation from Democratic Party"

"Repealing the Financial Investment Tax, Strengthening Our Stock Market with Value-Up Tax System"
"Repealing the Financial Investment Tax is for the People... The Democratic Party Should Stop Forcing the Financial Investment Tax"

Han Dong-hoon, leader of the People Power Party, said on the 6th through his social media (SNS), "Our stock market has been greatly shaken by overseas issues," adding, "If we force the financial investment income tax in such a situation, it will be like creating and entering a 'perfect storm' ourselves by adding even greater elements of instability." In economic terms, a perfect storm refers to a phenomenon where two or more adverse factors occur simultaneously, amplifying their impact.

[Image source=Yonhap News]

Han emphasized, "The previous day, our stock market plunged to a record low, triggering a sell-side car for the first time in 4 years and 5 months. Many citizens suffered losses," and added, "This was due to overseas influences such as the worsening U.S. employment outlook raising concerns about a U.S. economic recession, worries over the poor performance of big tech companies, and increased anxiety over the Middle East war." He continued, "In Korea's case, the stock market plunge is still limited to the stock market itself, with exchange rates and interest rates remaining stable, so there is an analysis that it is not a fundamental problem. However, since those overseas instability factors are expected to persist for a while, the government and authorities must focus more and respond delicately. Our government will do so."

Han said, "We must devote efforts to expanding the demand base of our stock market to strengthen its structure on this occasion," adding, "The abolition of the financial investment income tax and value-up tax systems are examples of this." He continued, "Taiwan’s stock price plummeted by as much as 36.2% immediately after announcing the introduction of a stock capital gains tax similar to the financial investment income tax in 1988. Why should we follow that path?" He criticized, "I heard that the Democratic Party postponed the financial investment income tax forum scheduled for tomorrow. If they are so startled by just one day of overseas stock price decline that they cannot even hold the forum, they should stop pushing the financial investment income tax."

Furthermore, Han added, "It is not too late yet. Policies can and should change according to the flow of the times and the situation faced by our people," and "The abolition of the financial investment income tax is a matter of people’s livelihood. I earnestly ask the Democratic Party for bipartisan cooperation for the sake of the people’s livelihood."

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