Political parties have been engaged in a heated debate over the real estate tax reform proposal announced by the government on August 3. The People Power Party criticized the proposal as "the height of irresponsibility, repeating only optimism," while the Democratic Party expressed regret, stating that the reform aims to protect homeowners and enhance tax fairness.
Han Jeong-ae, chair of the Democratic Party's policy committee, stated during a policy coordination meeting at the National Assembly, "The tax reform proposal was prepared to establish a virtuous economic cycle and normalize taxation, but the People Power Party is launching political attacks with baseless arguments."
She emphasized that the reform is designed to protect actual residents and improve tax equity, adding, "We will work with the government to examine the detailed impacts on the market."
Chun Jun-ho, the party's deputy floor leader, criticized the People Power Party for distorting the government's tax reform proposal and exacerbating public anxiety, stating that fear-mongering for political gain does not help the public. He urged the People Power Party to stop the unfounded distortions and engage in policy discussions, saying, "Real estate policy should not become a tool for fear-mongering politics. Only accurate information and responsible policy competition can maintain trust and ensure housing stability for the public."
On the other hand, the People Power Party intensified its criticism, arguing that the government's tax reform proposal does not provide practical measures for ordinary citizens but instead imposes a greater tax burden. Choi Bo-yun, the party's chief spokesperson, stated in a commentary, "As the reality of the tax reform proposal and housing supply plan put forth by the Lee Jae-myung administration becomes clearer, public anger and frustration are reaching a peak. The government's attitude of repeating optimism in the face of the worst 'supply cliff' is the height of irresponsibility."
He added, "The punitive taxation aimed at curbing real estate speculation is actually targeting the elderly and ordinary citizens who have maintained a single home for their entire lives, imposing a greater tax burden on those who have lived in the same house for a long time while promoting actual residence."
Kim Tae-kyu, the party's senior deputy spokesperson, criticized the upcoming second closed-door meeting on real estate policy hosted by the government on August 7, questioning, "Does having a majority mean we don't need to listen to the opposition's opinions?"
* This article has been translated by AI.
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