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DPK Denies Jangteukgongje Abolition, Calls Opposition Claims 'Malicious Framing'
🇰🇷 South Korea /Economy & Trade

DPK Denies Jangteukgongje Abolition, Calls Opposition Claims 'Malicious Framing'

From Dong-A Ilbo · (13m ago) Korean Critical tone

Translated from Korean, summarized and contextualized by DistantNews.

TLDR

  • The Democratic Party of Korea (DPK) refuted accusations from the opposition People Power Party (PPP) regarding the abolition of special tax deductions for long-term property holding.
  • DPK Policy Committee Chair Han Jeong-ae stated that the government and ruling party have never considered abolishing these deductions for single-homeowners.
  • The DPK accused the PPP of spreading false information and engaging in malicious framing to mislead the public, urging them to cease political attacks on reasonable tax policies.

The Democratic Party of Korea (DPK) has firmly pushed back against what it terms the opposition People Power Party's (PPP) "false accusations" and "malicious framing" concerning the special tax deduction for long-term property holding (jangteukgongje).

The People Power Party is spreading false accusations that abolishing the special tax deduction for long-term holding will impose a tax bomb on citizens who own one house.

— Han Jeong-aeDPK Policy Committee Chair Han Jeong-ae refuting opposition claims.

DPK Policy Committee Chair Han Jeong-ae emphasized that the principle of protecting genuine homeowners remains unchanged in any policy review for real estate market normalization. She unequivocally stated that the government and the ruling party have never contemplated abolishing these deductions for individuals owning a single home. The DPK views the PPP's claims that such a move would impose a "tax bomb" on ordinary citizens as a deliberate distortion of facts.

The government and the ruling party have never considered abolishing the special tax deduction for long-term holding for single-homeowners.

— Han Jeong-aeDPK Policy Committee Chair Han Jeong-ae clarifying the party's stance.

Furthermore, Han clarified that President Yoon Suk Yeol's recent remarks on social media were not about abolishing the deduction itself, but rather questioning the fairness of extending the same benefits to speculators who hold high-priced homes for extended periods without intending to reside in them, compared to actual residents. The DPK asserts that the PPP's insistence on linking these discussions to the abolition of jangteukgongje for single-homeowners is a politically motivated tactic aimed at misleading the public.

The president's post was not about abolishing the special tax deduction for long-term holding, but about questioning the fairness of providing the same benefits to speculators who hold high-priced homes for long periods without the intention of residing in them.

— Han Jeong-aeDPK Policy Committee Chair Han Jeong-ae explaining the President's remarks.

The DPK is calling for an end to the opposition's attacks on rational tax policies aimed at correcting tax inequities. They urge the PPP to reflect on whether they are acting as protectors of speculators in the high-priced housing market. The party stressed the need for a collective effort to address issues such as housing price inflation driven by speculation, the hoarding of properties that restricts market supply, and the deepening inequality caused by excessive benefits on unearned income.

The opposition party's claims, which continue to push this towards abolishing the special tax deduction for long-term holding for owner-occupiers or unavoidable non-resident homeowners, are malicious framing and a political offensive to mislead the public.

— Han Jeong-aeDPK Policy Committee Chair Han Jeong-ae criticizing the opposition's tactics.
DistantNews Editorial

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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