Han Byeong-do, the acting leader of the Democratic Party and floor leader, stated on August 4 that "the goal of this reform plan is to normalize taxation for growth and the livelihood of the people." He criticized the People Power Party, saying, "They are merely repeating outdated rhetoric. It is wrong to take parts of the proposal and misrepresent them as the whole."
During a policy coordination meeting held at the National Assembly, Han emphasized that the reform plan focuses on actively supporting strategic projects and domestic investments while providing substantial benefits to the underprivileged, youth, and local communities. He also noted that it aims to rationally adjust excessive special provisions.
He added, "The real estate tax system has been reformed under the same principles. We aim to protect homeowners with one residence for actual living purposes, while rationally adjusting the excessive benefits concentrated on high-value and non-residential properties according to housing prices and actual residency status."
Han highlighted that the basic exemption standard for the comprehensive real estate tax for primary residences will increase from 1.2 billion won to 1.4 billion won. Additionally, for properties sold after more than ten years of residence, the basic exemption for capital gains tax will be expanded from 2.5 million won to 25 million won, a tenfold increase.
He concluded by stating, "The government proposal is the starting point for discussions in the National Assembly. We will complete a rational tax reform plan that alleviates the burdens on the underprivileged, middle class, youth, and local communities while achieving growth, livelihood, and fair taxation."
* This article has been translated by AI.
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