On the 22nd, Han Dong-hoon, the leader of the People Power Party, repeatedly urged the Democratic Party of Korea to agree to abolish the financial investment income tax (FIT).
At the “Policy Discussion on the Abolition of Financial Investment Income Tax to Protect Domestic Capital Markets and Individual Investors” held at the National Assembly this morning, a representative said, “There is no practical benefit to be gained from implementing the financial investment income tax.”
One representative repeatedly emphasized, “We must send a clear signal to the public that we will abolish the gold investment tax sooner rather than later,” and “It will be too late by the end of the year or in the fall. We must do it now.”
He then claimed, “The Democratic Party is responding to this discussion with the same old 1% vs. 99% divide argument as they always have,” and “They’re talking about taxes that only target the 1% of the rich, while the other 99% don’t care, but that’s not working right now.”
He continued, “The gold investment tax is different from other issues,” adding, “We all know that the implementation of this law will have a significant impact on the 99% of asset formation. Investors all know that this is not an issue that can be interpreted as a one-two punch.”
One representative emphasized, “We have 14 million investors. It is not only the investors’ problem but also the youth’s problem,” and “Most of the youth’s asset formation is concentrated in the capital market, but if we leave this kind of system that has a negative impact on the capital market alone, it will result in ignoring the voices of the youth.”
People Power Party floor leader Choo Kyung-ho also spoke with one voice during the debate that day, saying, “The People Power Party has proposed and is pushing for the ‘abolition of the gold investment tax’ as a party platform,” and “There is no change to that policy.”
Floor leader Choo said, “As you said, 1% of investors account for 50% of total investment, up from 99% of the 1%,” and explained, “The number of stock investors, which was around 5 million in 2017, has exceeded 14 million, so if the gold investment tax is implemented, it will have a significant impact on investors and the volatility of the stock market may increase.”
Kim Sang-hoon, the People Power Party’s policy committee chairman, said, “After examining the recent KOSPI plunge, ‘Black Monday,’ I believe that the signs of an economic slowdown in the U.S., the decline in the performance of international big tech companies, and foreign media variables had a greater impact on the domestic stock market than endogenous variables.” He pointed out, “The demand base of the domestic stock market is weak, and if the gold investment tax is implemented as is, the outflow of domestic funds will accelerate.”
Chairman Kim emphasized, “The abolition of the gold investment tax is an important signal that will lead the domestic stock market, which has a weak demand base.”
Song Eon-seok, a People Power Party lawmaker who hosted the debate that day, also said, “The gold investment tax must be abolished, but the Democratic Party of Korea holds an overwhelming majority in the National Assembly.” He continued, “But it’s really hard to know what the Democratic Party’s true intentions are. Since Representative Lee Jae-myung has talked about postponing or abolishing (the gold investment tax), I would greatly appreciate it if you could work together to make sure he takes responsibility for those words.”
(Seoul = News 1)
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2024-08-22 06:11:37