Kwon Young-se, the Emergency Response Committee Chairman of the People Power Party, stated, “We will completely abolish the inheritance tax for spouses.” At the emergency committee meeting held at the National Assembly in Yeouido, Seoul on the morning of the 6th, Kwon said, “Inheritance between spouses who have accumulated wealth together is not an inter-generational transfer of wealth.”
He further explained, “Most advanced countries, including the United States, United Kingdom, and France, do not tax spousal inheritances.” Regarding the inheritance tax system, Kwon added, “We will shift from the current estate tax method to an inheritance acquisition tax method to ensure that inheritors pay taxes only on the amount they actually inherit.”
Kwon noted that this approach, adopted by 20 countries among the OECD, enables more equitable and reasonable taxation. In relation to the Democratic Party’s proposed inheritance tax reform, he criticized it by stating, “It still maintains a punitive nature by imposing an excessive tax burden,” and it is “stuck in a patriarchal mindset.”
The Democratic Party’s reform proposal aims to increase the standard deduction amount and the minimum allowance for spousal inheritance deductions. Kwon also critiqued the Democratic Party’s intentions, alleging, “Their interest is not in genuine inheritance tax reform but in creating a propaganda slogan that Lee Jae-myung reduced taxes.” He continued, “Meanwhile, they show their instinct for legislative tyranny by designating this ‘nominal reform proposal’ for a fast track.”
He concluded by asserting, “We will definitely block the Democratic Party’s fake reform proposal used for propaganda and complete a proper, genuine reform of the inheritance tax.” He promised, “With the correct reform, we will protect the property rights that citizens have worked hard to build and secure the future of families.”