“Lee Jae-myung’s Tax” on Expanding the Deduction Instead of Abolishing It
Wild, Party-level public debate held on the 24th
With “If the opposition party rejects, there is concern that the stock market will crash”
“I’m worried about Monday. Please announce the abolition of the gold investment tax today.”
“If Lee Jae-myung and the Democratic Party implement a gold investment tax, they will face the judgment of the people.”
The blog of Lee Jae-myung, the leader of the Democratic Party of Korea, was flooded with comments from stock investors demanding the abolition of the Financial Investment Income Tax (FIAT) over the weekend. With the New York Stock Exchange in the United States falling across the board on the 6th (local time) and the Korean stock market also expected to weaken, protests have been pouring in demanding the abolition of the FIAT, which is scheduled to take effect on January 1st of next year. At a previous party leadership meeting, People Power Party leader Han Dong-hoon demanded the abolition of the FIAT, but Lee proposed that it be comprehensively reviewed along with measures to revitalize the stock market. The Democratic Party is currently preparing to propose a related bill that would increase the basic deduction limit for the FIAT from 50 million won to 100 million won per year.
On the 8th, the most recent post on Lee’s blog, “The 22nd National Assembly Opening Ceremony,” received a total of 11,075 comments, most of which were unrelated to the content and were comments about the abolition of the gold investment tax. Even on the post titled “No policy can come before the lives and safety of the people,” 21,225 comments were posted, calling the gold investment tax the “Lee Jae-myung tax,” and saying things like “The Democratic Party will fall without the abolition of the Lee Jae-myung tax,” “The Lee Jae-myung tax is an evil law,” and “The abolition of the gold investment tax is the only way for the Democratic Party to survive.”
The People Power Party also went on an all-out offensive to pressure Representative Lee. Spokesperson Park Sang-soo said in a commentary, “We are well aware that it is difficult to go against the Democratic Party’s long-standing traditional stance that ‘the rich should be heavily taxed. ’” He added, “It is time for the Democratic Party to break through its old, outdated beliefs and find the courage to provide real help to young people and individual investors.” He added, “Resolve to go beyond postponing the financial investment tax and even abolish it,” and “The People Power Party is ready to work with Representative Lee Jae-myung’s determination.” People Power Party lawmaker Kwon Seong-dong also joined the pressure on Representative Lee the day before, saying, “If we fail to block the implementation of the financial investment income tax during this year’s regular National Assembly, the stock market will immediately crash next year.”
Some interpret this as the People Power Party counterattacking in the same way that the Democratic Party has been pressuring Han to propose a special prosecutor’s bill for former President Park Geun-hye through a “third-party recommendation” method, provoking conflict within the ruling party. The Democratic Party plans to hold a public debate on the gold investment tax on the 24th after the Chuseok holiday. Rep. Lee So-young of the Democratic Party, who has publicly expressed her position on the abolition of the gold investment tax, said, “The atmosphere (on the gold investment tax) among the Democratic Party members and some of the leadership is changing,” and “I will try to make a turnaround in the direction that I think is right.”
Reporter Kim Ji-hyun [email protected]
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2024-09-09 23:03:41