The Democratic Party of Korea presidential primary candidates clashed on the 18th over the political 'tax cut competition.' Candidate Lee Jae-myung said, 'Given the difficult economic situation, it is undesirable to push for tax increases.' Instead, he argued that it is necessary to adjust tax expenditure and secure revenue by recovering growth. On the other hand, Candidate Kim Dong-yeon noted, 'Hiding the need for tax increases is deceiving the public.'
Candidate Kim Dong-yeon asked at the MBC 100-minute debate '1st Democratic Party presidential primary candidate debate' that day, 'A responsible politician should be able to discuss tax increases for the country's significant future,' and questioned the positions of Candidates Lee Jae-myung and Kim Kyeong-soo on tax increases.
In response, Candidate Lee said, 'Given the current economic situation is very difficult, pushing for tax increases that shift the government's burden onto the private sector is not particularly desirable.' He continued, 'The necessary resources at this stage should be secured through adjustments in tax expenditure, and looking at the long term, it is appropriate to recover growth and create fundamental measures for finances.'
Candidate Kim Kyeong-soo stated, 'To expand the budget, as Candidate Lee mentioned, I believe it is difficult to secure the necessary resources only by adjusting tax finances.' Nonetheless, he remarked, 'To resolve the national crisis that South Korea is facing, an active fiscal strategy is necessary,' adding, 'Public trust in government finances must be the foundation for discussions with the public.'
Candidate Kim Dong-yeon remarked, 'Both the Democratic Party and influential politicians talk about tax cuts while proposing many pledges, but this is dishonest.' He continued, 'This could lead to not gaining the public's trust and further deceiving the public.' He also suggested, 'This may become one of the factors for political distrust,' noting, 'Politicians should boldly express their convictions about tax increases and create plans.'
Previously, the Democratic Party, under the 'Lee Jae-myung leadership,' abolished the financial investment income tax (financial investment tax) and postponed taxation on virtual assets. Recently, it has expressed agreement with the People Power Party's proposal to raise the inheritance tax exemption limit, which centers on 'relieving the tax burden on the middle class,' and to abolish the spouse inheritance tax. Moreover, it has decided to promote tax system reforms, including increasing the basic deduction for earned income and reducing corporate taxes for advanced strategic industry corporations.