Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, noted that the policies he proposed as part of his presidential election pledge would cost an estimated 210 trillion won. Given the current financial situation is not adequate, he plans to adjust tax expenditures and crack down on tax evasion and arrears to secure funding.
The candidate met with reporters after finishing the filming of 'K-initiator TV' on the afternoon of the 28th in Gangnam, Seoul, and said, "(After taking office) we will need to secure about 210 trillion won for available budget, but it doesn't seem too difficult," adding, "However, I think adjusting tax expenditures will be necessary."
In response to the question of what the financial securing plan is after announcing the pledge book, the candidate said, "The economic situation is very bad due to the chaotic state affairs over the past three years," and added, "Furthermore, due to excessive tax cuts for the wealthy, the finances are on the brink."
He also stated, "It is difficult to promise pledges that excessively entail financial expenditures that cannot be easily maintained, so I regrettably eliminated many pledges that would require significant finances," and he instructed the policy office to refrain from setting specific numerical targets as there is no easy way to address financial issues.
The mentioned plans for securing finances include ▲adjusting tax expenditures ▲restructuring fiscal expenditures ▲strengthening the detection of tax evasion and arrears.
The candidate remarked, "The tax reduction scheme is operated too loosely or tends to be maintained without expiration. Adjusting tax expenditures could secure considerable funds," and added, "What is generally considered fixed costs also has considerable potential for review, and if tax evasion and tax arrears are organized, there could be some financial leeway."
He further emphasized, "If we focus on growth, the financial increase might multiply; if we grow at 2%, the increase in finances will also be several times greater," and added, "I hope the public understands that we are in a situation where they cannot avoid tightening their belts."