Kim Du-gwan Criticizes Lee Jae-myung: "Postponing Financial Investment Tax? Undermining the Foundation of the Democratic Party"

Ahead of the August 18 nationwide party member convention to elect the next leadership of the Democratic Party of Korea, opinions were divided among the party leader candidates regarding the financial investment income tax (금투세, Geumtu Tax) issue. Candidate Lee Jae-myung mentioned the Geumtu Tax, which is set to be implemented from 2025, stating, "I think we need to carefully consider the timing of its implementation," expressing a position in favor of postponement. In response, candidate Kim Doo-kwan's campaign criticized this stance, saying, "Postponing the implementation of the Geumtu Tax is an act that seriously undermines the identity of the Democratic Party."

On the afternoon of the 12th, Kim's campaign issued a statement saying, "Is candidate Lee going to abandon the working class and middle class and only represent a small number of wealthy individuals?" and added, "We want to ask if that truly reflects the spirit of the Democratic Party." They continued, "How will the public view the Democratic Party, which has consistently criticized the Yoon Seok-yeol administration's tax cuts for the wealthy?" and fiercely attacked, "In a situation where the Yoon administration is aggressively pushing tax cuts for the rich, it is unacceptable for a Democratic Party leader candidate, who should be focusing on people's livelihoods and welfare, to ride along with this."

Former Democratic Party lawmaker Kim Du-kwan is holding a press conference to announce his candidacy for the Democratic Party leadership on the morning of the 9th at the Sejong Special Self-Governing City Council. [Image source=Yonhap News]

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They also argued, "The Geumtu Tax was an issue agreed upon by both ruling and opposition parties to be implemented starting in 2023," but "it has been postponed until the end of this year, and the tax itself is already facing an existential crisis." They emphasized, "In this context, candidate Lee's call for postponement is tantamount to abolishing the Geumtu Tax." Furthermore, they added, "The number of taxpayers subject to the Geumtu Tax is estimated to be about 150,000, which is 1% of the total 14.4 million stock investors as of 2022."

Moreover, they stated, "If there is no tax where income exists, candidate Lee must explain where the finances necessary for people's livelihoods, welfare, and local autonomy decentralization will be secured," and declared, "A candidate who talks about postponing the Geumtu Tax clearly shows that they are 'not qualified to be party leader.'"

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