On the 17th, during a Democratic Party Supreme Council meeting, Lee Jae-myung, leader of the Democratic Party of Korea, addressed the ongoing debate over inheritance tax in the National Assembly, stating, “We are proposing to adjust the tax exemption criteria established 28 years ago to prevent a tax increase.” He explained that maintaining the outdated tax exemption criteria, despite the rise in inflation and property prices, effectively increases taxes without actual growth.
Lee criticized the increased tax burden on ordinary citizens, suggesting the intention is not to offer tax cuts to the public but to prevent further tax increases. He pointed out that despite tax cuts for conglomerates and the ultra-wealthy, salaried workers face higher taxes as their nominal wages push them into higher tax brackets due to unchanged thresholds.
He further emphasized that this situation results in a de facto tax increase without a corresponding rise in actual income, labeling it as unfair and something that needs rectification.
In his criticism of the ruling People Power Party, Lee accused them of neglecting the welfare and fairness concerning ordinary citizens. He explained that the Democratic Party aims for growth with fairness, distributing opportunities and growth benefits equally to ensure sustainable progress and improve living standards for everyone.
Additionally, Lee reaffirmed his commitment to amending corporate laws to curb unfair practices in the stock market, thereby boosting stock prices. He criticized the lack of accountability for market manipulation that profits a few while causing distress to many, questioning why anyone would invest in such an unfair system.
Lee mentioned that efforts to amend the Capital Market Act faced opposition from the People Power Party, which is why they are now pursuing amendments to commercial law.