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 He criticized the People Power Party, saying, "They are merely repeating outdated rhetoric.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 added that it is essential to rationally adjust excessive special provisions.
He also noted that the real estate tax system has been reformed under the same principles. The plan aims to protect homeowners with one residence for personal use and to rationally adjust the excessive benefits concentrated on high-value and non-residential properties based on housing prices and actual residency.
Han highlighted that the basic exemption 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 tenfold from 2.5 million won to 25 million won for homes valued at 300 million won or less.
He reiterated that the government proposal is a starting point for discussions in the National Assembly, promising to complete a rational tax reform plan that alleviates the burdens on the underprivileged, middle class, youth, and local communities while achieving growth, livelihood improvements, and fair taxation.
* This article has been translated by AI.
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