Oh Se-hoon: 'Jung Won-oh, Clarify Your Stance on the Tax Bomb of Abolishing Jangteukgong'

The upcoming local elections in Seoul have ignited a fierce debate over property taxes, with Mayor Oh Se-hoon directly challenging his opponent, Jung Won-oh, on the issue of the long-term housing special tax deduction (Jangteukgong). Oh has accused President Lee Jae-myung of proposing policies that amount to a "tax bomb" for Seoul citizens, particularly those who have owned their homes for extended periods. The core of the dispute lies in a proposed bill by the ruling party to abolish Jangteukgong, a system that allows significant tax deductions for homeowners who have held their property for over 10 years.

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President Lee Jae-myung has expressed his intention to abolish the Jangteukgong. The abolition of Jangteukgong is a clear infringement on the property rights of the people.

Mayor Oh, representing the People Power Party, argues that abolishing Jangteukgong would severely impact Seoul residents, where average apartment prices exceed 1.5 billion won. He contends that long-term homeowners looking to sell would face substantial tax burdens, turning their homes into a "real estate hell." This framing positions the policy as detrimental to the financial well-being of ordinary citizens and directly attacks the Democratic Party's platform. Oh's demand for Jung Won-oh to publicly state his position highlights the strategic importance of this issue in swaying voter sentiment, especially in a city where property ownership is a major concern.

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Do you support the abolition of Jangteukgong? Please state your position without avoiding it.

President Lee Jae-myung, however, has defended the potential changes, arguing that Jangteukgong, as it stands, provides benefits based solely on holding period, regardless of residency. He suggests that separate deductions exist for long-term residency and dismisses claims of a "tax bomb" as "clear false propaganda." This counter-argument attempts to reframe the debate, shifting the focus from a punitive tax measure to a more logical adjustment of tax benefits. The People Power Party, however, has seized on this as an opportunity to criticize the Democratic Party's economic policies, linking it to broader concerns about the housing market.

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The claim that 'abolishing Jangteukgong is a tax bomb for single-homeowners who actually reside in their homes' is a logical contradiction and clear false propaganda.

This political battle over property tax deductions is a clear attempt by the People Power Party, and specifically Mayor Oh, to leverage voter anxieties about the housing market in the upcoming local elections. By framing the proposed changes as an attack on property rights and a "tax bomb," they aim to mobilize voters who feel threatened by potential tax increases. The Democratic Party, through its spokesperson, has denied any current review of tax reforms, suggesting the issue has been amplified for political gain. The outcome of this debate could significantly influence the electoral landscape in Seoul and the surrounding metropolitan areas.

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We have not reviewed any tax system reforms related to the abolition of Jangteukgong.