“Issue of excessive property tax burden”…Presidential office “Complete abolition is desirable”
Will the Democratic Party step back and focus on excluding ‘single homeowners’?,
An apartment complex and residential area in downtown Seoul seen from Namsan in the afternoon on the 20th. 2024.5.20/News1 ⓒ News1 Reporter Jang Soo-young,
,
, ‘(Seoul=News1) Park Ki-hyun Han Sang-hui Jung Ji-hye Reporter = On the 2nd, ten days after the 22nd National Assembly opened, discussions on comprehensive real estate tax revision have gained momentum. Responding to the Democratic Party’s call for relaxation of comprehensive real estate tax, the presidential office proposed the complete abolition of the tax. Attention is focused on whether discussions on comprehensive real estate tax reform can progress during this session of the National Assembly.’,
,
, ‘The Democratic Party has been discussing comprehensive real estate tax reform even before the 22nd National Assembly opened. Park Chan-dae, the floor leader, hinted at the abolition of comprehensive real estate tax for single homeowners, saying, “Even if it’s an expensive house, it should be exempt from taxation if it’s a single house.” Chief of Staff Ko Min-jung also argued, “Comprehensive real estate tax should not be considered a sacred cow that must always be preserved,” advocating for a ‘holistic redesign’. Policy Committee Chairman Jin Sung-jun also stated, “Discussions on this issue are inevitable.”‘,
,
, ‘In response, the People Power Party welcomed the Democratic Party’s proposal for comprehensive real estate tax reform. Floor leader Choo Kyung-ho stated on the 31st, “We are always aware of the need to revise the excessive tax burden of the comprehensive real estate tax,” and that “we will prepare and propose a fundamental revision plan for the comprehensive real estate tax.”‘,
,
, ‘The presidential office even floated the idea of completely abolishing the comprehensive real estate tax. A senior official from the presidential office stated in a phone call with News1, “We will fundamentally reevaluate whether the comprehensive real estate tax is suitable for the current economic and real estate market conditions, and prepare a plan for institutional reform, including abolition. It is desirable to completely abolish the comprehensive real estate tax, as excessively taxing real estate ownership is inappropriate.”‘,
,
, ‘The Democratic Party seems to be stepping back in the face of the proactive stance of the government and the ruling party to take the lead on this issue. Given that the abolition of comprehensive real estate tax is an issue that traditional Democratic Party supporters oppose, the party is seen as approaching the matter cautiously.’,
,
, ‘Democratic Party Senior Spokesperson Lee Hae-sik criticized the abolition of comprehensive real estate tax, stating, “It is different from the public opinion expressed in the general election,” and “Continuing the policy of the Yoon Suk-yeol administration, which is incorrectly characterized as tax breaks for the rich, is a policy that directly contradicts the recovery of people’s livelihoods.” He added, “It appears as if the Democratic Party is discussing the revision and abolition of comprehensive real estate tax, but that is not the case at all. We believe it is not the time to deal with this issue.”‘,
,
, ‘It is burdensome for the Democratic Party that the Truth and Innovation Party has criticized and opposed the abolition of comprehensive real estate tax. Through comments, the Innovation Party expressed disappointment, saying, “It is disappointing that they seem to be going along with (the Democratic Party) rather than preventing the Yoon Suk-yeol government, which perpetuates asset inequality.”‘
,
, ‘In light of this, attention is focused on whether the Democratic Party will start to tread in the direction of making some modifications to the comprehensive real estate tax. The senior spokesperson mentioned in a radio interview, “Although there are diverse opinions within our party, the notion of abolishing the comprehensive real estate tax altogether is very limited,” and said, “For example, it is somewhat unfair to impose comprehensive real estate tax on someone who owns an expensive house even though they have no current cash income. We need to address these aspects.” In relation to this, Floor leader Deputy Park Sung-jun is preparing a bill to adjust the deductible amount for comprehensive real estate tax for single homeowners from 12 billion won to 16 billion won.’