[Kwon Seong-dong, the floor leader of the People Power Party, criticized on the 2nd that the leader who rejected the inheritance tax law last year is now mentioning inheritance tax reduction solely for election purposes.
Kwon stated on his social media account, “The aim is to appease the angry middle class by easing inheritance taxes and to garner support from left-wing supporters by maintaining the punitive highest rate.”
He also commented, “Inheritance tax, which was previously a burden only for some wealthy individuals, has now expanded to the middle class. In many cases, people have to sell their homes to pay the inheritance tax due to the high real estate asset structure.”
Furthermore, Kwon pointed out that if the reality of the middle class having to sell houses due to inheritance tax is a problem, then the major shareholders having to sell companies due to high taxes is a similar issue. He stated, “It is more beneficial for the nation and society that companies continue their operations, creating jobs and paying corporate taxes.”
Kwon remarked that “major advanced countries are enhancing economic vitality by reducing inheritance tax burdens. Among the 38 OECD countries, 23 have an inheritance tax, while the remaining 15 have abolished it or converted it to a capital gains tax. The average maximum rate in countries with an inheritance tax is 26%, and the overall OECD average is just 13%.”
Additionally, Kwon criticized that it is difficult to expect Lee Jae-myung, who committed major corruption in Daejang-dong and Baekhyeon-dong and enjoyed sushi and fruit with Gyeonggi Province’s budget, to genuinely understand the inheritance tax issue. He suggested, “If you cannot genuinely understand public sentiment, you might as well memorize it instead.”
Kwon concluded by stating, “The People Power Party will continue efforts to reduce punitive taxation through lowering inheritance tax rates and expanding deductions to alleviate the tax burden on the middle class. We once again urge the Democratic Party to abandon their strategic stance and show a forward-thinking position for the nation and the people.”]