▲ People Power Party Secretary-General Jung Hee-yong speaks during a floor strategy meeting held at the National Assembly on the 24th of last month.
The People Power Party (PPP) launched an all-out offensive today (August 4) against the government's 2026 tax reform plan, which includes hikes on property holding and transaction taxes and the introduction of a productive finance Individual Savings Account (ISA), denouncing it as a "tax nuclear bomb" and a "worsening of the tax system."
Secretary-General Jung Hee-yong criticized the plan on Facebook today, saying, "Making a mockery of the word 'reform,' it is filled with nothing but irresponsible choices that turn a blind eye to public livelihood in an attempt to raid citizens' pockets to make up for insufficient revenue."
Chief Deputy Spokesperson Choi Eun-seok also stated in a commentary, "Failing to do what needs to be done and unable to stabilize housing prices, the amateur government ultimately pushed the 'nuclear bomb' button to conceal its incompetence."
Chief Deputy Spokesperson Choi pointed out, "Earlier this year, President Lee Jae-myung compared property taxes to a 'nuclear bomb,' saying it was a last resort that should not be used carelessly. He also showed confidence that housing prices could be stabilized without touching taxes."
He continued, saying, "Looking back, it was an absurd bluff. Did they increase housing supply in a timely manner? Did they lower the loan barriers for genuine homebuyers? Did they properly lift regulations blocking reconstruction and redevelopment?"
He urged, "We hope you will now stop the hypocrisy and deception of shifting the price of policy failures onto taxes while talking about housing stability. The Lee Jae-myung administration must acknowledge its failure in real estate policy and apologize to the public."
Lawmaker Park Dae-chul wrote on Facebook addressing President Lee Jae-myung, saying, "This was expected ever since he said, 'I don't own a home anymore.'" Lawmaker Kim Min-jeon also sarcastically remarked, "Such meticulous Lee Jae-myung, raising holding taxes right after selling his own house."
Former Lawmaker Yoon Hee-suk defined it as a "tax of hatred" on a KBS radio program, explaining, "Non-resident single-home owners were targeted as the objects of that hatred."
She added, "Because real estate policies are failing, they want to shift the arrows of criticism elsewhere."
Lawmaker Ahn Cheol-soo claimed via social media today regarding the revision of the Individual Savings Account (ISA), "They have hidden toxic provisions that plunder the accounts of retail investors."
Lawmaker Ahn pointed out point by point, saying, "They applied a 'nerf' (a gaming term meaning downward adjustment) to the public's savings account ISA. They abolished the carryover of the 20 million won limit and shortened the contract period to a maximum of five years. Furthermore, they applied it retroactively to existing subscribers as well as new ones, drastically reducing the scope of benefits."
He criticized, "To compensate for this, they newly established a 'productive finance ISA' and told people to transfer funds upon the maturity of their existing ISA, but this is also a regression. The productive finance ISA limits investments exclusively to domestic markets, making investments in overseas index ETFs impossible. While shouting for the advancement of the capital market, this is driving the entire public into 'blind domestic stock investment.'"
(Photo: Yonhap News)
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