The People Power Party (PPP) announced that it would push for a bill to completely abolish the “spousal inheritance tax” as part of its party policy.
PPP floor leader Kwon Seong-dong made this statement while speaking to reporters after concluding a party strategy meeting at the National Assembly today (7th).
Leader Kwon pointed out, “When a couple divorces, they divide their assets, and no taxes are levied on that division. However, if one inherits following the death of a spouse, inheritance tax is imposed even between spouses. How unreasonable is that?”
He continued, “We believe that if we introduce this bill and discuss it at the National Assembly’s Strategy and Finance Committee, there’s a possibility that the Democratic Party might also change its stance positively.”
Previously, PPP’s Emergency Response Committee Chairperson Kwon Young-se also stated that “inheritance between spouses who built assets together is not a generational wealth transfer,” expressing the intention to abolish the spousal inheritance tax.
In addition to fully abolishing the spousal inheritance tax, the PPP is also considering transitioning the inheritance tax system from the current estate tax to an inheritance acquisition tax.
[Photo Source: Yonhap News]
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