The People Power Party criticized President Lee Jae-myung's emphasis on 'business-friendly policies' during the presidential campaign as a lie, mentioning the government's and ruling party's proposed increases in corporate taxes, the corporate law amendment, and the yellow envelope law (amendments to Articles 2 and 3 of the Labor Union Act).
Chairperson and floor leader Song Eon-seok of the People Power Party said at an emergency committee meeting held at the National Assembly on the morning of the 28th, 'The Lee Jae-myung administration is focused solely on crushing corporations instead of creating a country conducive to business.'
He also emphasized, 'The additional amendments to corporate law, the yellow envelope law, and the increase in corporate taxes are all measures that squeeze corporations and threaten market order,' saying, 'President Lee's emphasis on being business-friendly during the election has come to light as all lies.'
Chairperson Song also stated, 'After carelessly issuing over 21 trillion won in government bonds to distribute money to all citizens, now they want to cover the burden with tax increases, which is a deceptive tactic that tricks the people,' adding, 'While tying the hands and feet of corporations and turning a blind eye to illegal labor unions, they are pushing for tax increases and at the same time demanding chaebols to expand investments in the U.S. during a crisis in tariff negotiations.'
He further remarked, 'Which corporation would believe this dual attitude of hitting them in the front and asking for help in the back?' stressing, 'President Lee and the Democratic Party of Korea must immediately stop the additional amendments to corporate law, the yellow envelope law, and the increase in corporate taxes. I strongly urge them to devote their full efforts to successfully concluding tariff negotiations, upon which the survival of Korea's economy and corporations depends.'
Kim Jeong-jae, the People Power Party's policy committee chair, also said, 'The Lee Jae-myung government poured over 13 trillion won of taxpayer money into nationwide consumption vouchers and then suddenly pulled out the tax increase card, claiming the country's coffers are empty,' calling it 'a typical populist regime's true face.'
He pointed out, 'Lowering the threshold for capital gains tax on stock transfers could lead to massive stock sell-offs by large investors, which would likely shock the stock market,' adding, 'The idea of filling the coffers immediately through increased rates after the stock market has risen slightly could create serious side effects in the capital market.'
The government and ruling party are pushing for complementary legislation to the corporate law amendment, which includes mandatory concentrated voting and expanded separate elections for audit committee members, along with the yellow envelope law that expands the scope of unions' rights to strike. These bills are set to be discussed today in the relevant standing committee.