PPP Blasts Tax Reform as 'Extortion,' While DP Defends It as 'Tax Normalization'

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The People Power Party strongly criticized the latest tax revision bill, claiming it ultimately aims to collect more taxes. Meanwhile, the Democratic Party urged the People Power Party to stop what it called outdated agitation, arguing that the reform is a process for "tax normalization."

Reporter Park Chan-beom has the details.

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The People Power Party harshly dismissed the government's tax revision plan as the "worst in history," arguing that it only increases the total tax burden on the public.

Floor Leader Jung Jeom-shik declared it a "declaration of a tax bomb," while People Power Party members of the National Assembly's Strategy and Finance Committee criticized it as a "tax revision of extortion," using a traditional term for harshly exploiting the people's wealth.

[Bae Jun-young / People Power Party Secretary of the National Assembly Strategy and Finance Committee: A government reaping the largest record-breaking surplus tax revenue due to the semiconductor boom is instead planning to collect 3.4 trillion won more in taxpayer money. In short, it is 'shut up and pay taxes.']

The People Power Party argued that the measure to tighten the comprehensive real estate holding tax on owners of multiple homes and non-resident single-home owners will cause the most severe side effects, predicting that the tax burden will be passed on to tenants and lead to hikes in key-money deposits and monthly rents.

In particular, they claimed that including non-resident single-home owners under the tightened comprehensive real estate tax targets suppresses even the freedom of movement for single-home owners.

The Democratic Party defended the government, arguing that this tax revision is for "tax normalization" aimed at growth and public livelihood.

Floor Leader Hahn Byung-do criticized that the plan is merely "adjusting privileges concentrated on ultra-luxury and non-resident homes," and that "the People Power Party is just repeating outdated agitation calling it a 'tax bomb.'"

The Democratic Party plans to examine the policy effects and public acceptability during the National Assembly's deliberation process on this revision.

[Hahn Byung-do / Democratic Party Floor Leader: We will finalize a rational tax revision that simultaneously achieves growth, public livelihood, and fair taxation.]

The rival parties are closely monitoring public sentiment regarding this real estate tax reform, as it serves as a critical variable for both political hegemony and upcoming elections.

(Video reporting: Lee Seung-hwan, Shin Dong-hwan | Video editing: Lee Seung-hee)
※ Please note: This article was translated by AI and may contain errors.