President Lee: 'Abolishing the Long-Term Holding Tax Credit is a Tax Bomb for Single-Homeowners'? It's a Logical Contradiction and False Propaganda

Dong-A Ilbo reports on President Lee Jae-myung's firm stance against what he terms 'logical fallacies and outright fabrications' surrounding the proposed abolition of the long-term holding special tax credit for capital gains. The President directly challenges the opposition's narrative that this measure would penalize single-homeowners, asserting that the credit, by its very nature, rewards mere ownership duration rather than actual residency. He draws a stark contrast between the tax burden on labor income and the preferential treatment given to speculative real estate gains, questioning the fairness of significantly reducing taxes on profits derived from property appreciation, especially when the owner does not reside in the property. President Lee criticizes politicians and media outlets for allegedly using 'falsehoods' to justify their agendas. He proposes a phased approach to the credit's abolition, arguing that this would not lead to a 'lock-in' of properties but rather encourage sales, thereby stabilizing the market. The President's remarks reflect a broader agenda to curb real estate speculation and promote a more equitable tax system, aligning with his administration's focus on economic justice and fair distribution of wealth.

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The claim that abolishing the long-term holding special tax credit is a 'tax bomb' for single-homeowners who actually live in their homes is a logical contradiction and a clear fabrication.