Lee Jae-myung's Broad Economic, Security, and Livelihood Initiatives... "Struggle" Rallying Within the Party

'Financial Investment Income Tax Abolition' Bombshell Declaration
Visiting Thirteen Regions and Meeting Centrist Figures

Lee Jae-myung, leader of the Democratic Party of Korea, is undertaking a 'broad-spectrum campaign' to expand his support base while consolidating power within the party in preparation for the 'judicial risk' in November.

On the morning of the 4th, Lee announced his agreement to abolish the financial investment income tax (Geumtu Tax). The Geumtu Tax was originally scheduled to be implemented in 2025, but with Lee's decision, the abolition bill is expected to pass. Since August, he has shifted his stance from 'implement after supplementation' to 'postponement' and finally to 'abolition.' That afternoon, he co-hosted a policy meeting with SK Group to meet executives of AI companies. He appears to be focusing intensely on economic policy.

Lee Jae-myung, leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 4th. Photo by Kim Hyun-min

Following the by-elections on the 16th of last month, Lee visited regions with weak Democratic Party support one after another. On the 17th, he visited Pyeongchang-gun, Gangwon-do, to check the condition of cabbage fields. He urged the government to prepare measures to stabilize cabbage prices. On the 31st, he visited Ganghwa-gun, Incheon, where the county mayor election was lost, to meet residents affected by the loudspeakers aimed at North Korea. In Ganghwa-gun, he appealed for support for the Democratic Party, saying, "Your voting rights are your power." On the same day, he also visited border area military units to listen to soldiers' difficulties.

Additionally, Lee has been meeting again with senior figures from the 'centrist and conservative' factions whom he met during his 2022 presidential candidacy. He sought advice on political issues from Kim Jong-in, former emergency committee chairman of the People Power Party, Lee Sang-don, honorary professor at Chung-Ang University, and Yoon Yeo-jun, former Minister of Environment. Meanwhile, Lee's camp has repeatedly proposed holding ruling-opposition leader talks with Han Dong-hoon, leader of the People Power Party. Analysts interpret this as a move to expand ideological outreach.

Handonghun, leader of the People Power Party, and Jaemyung Lee, leader of the Democratic Party of Korea (left), are seen walking and talking after concluding a meeting between ruling and opposition party leaders on September 1st afternoon at the National Assembly, discussing the Special Prosecutor Act for Chaesangbyeong, the abolition of the financial investment income tax, and the law to provide 250,000 won support to all citizens. Photo by Yonhap News

The first trial verdicts for the two cases Lee faces will be announced on November 15 and 25. His competitiveness could be determined by the first trial results and the resulting internal party dynamics. The Democratic Party has recently intensified its offensive against the ruling party. On Saturday (the 2nd), the Democratic Party held the 'Kim Geon-hee Yoon Seok-youl National Corruption Condemnation and Special Prosecutor Demand National Action Day' near Seoul Station. At this event, Lee stated, "The Republic of Korea is a democratic republic, and the owners of this country are the people," adding, "No power or ruler that goes against the will of the people can exist, nor should they exist."

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