The Democratic Party of Korea has completed the main composition of the Party's Special Committee on Tax System Reform to coordinate a tax reform proposal with the government and prepare measures to overcome the financial crisis. Kim Young-jin, a three-term lawmaker, has been appointed as the special committee chair, and Jeong Tae-ho, the ruling party's secretary to the National Assembly's Ministry of Economy and Finance, has been appointed as the committee's secretary.
Heo Young, the Democratic Party's floor policy chief, met with reporters after a floor countermeasure meeting at the National Assembly that morning, saying, "The chair of the Party's Special Committee on Tax Reform will be taken by lawmaker Kim Young-jin, and lawmaker Jeong Tae-ho will serve as the secretary."
He added, "We will form the special committee with the committee members centered around the (National Assembly) Finance Committee and make fine adjustments through close consultations with the government until the budget passes, along with additional measures."
The special committee was launched following the National Assembly leadership's judgment that a response was necessary due to serious revenue shortages resulting from the tax cut policies of the previous Yoon Suk-yeol administration. Ahead of the announcement of the first tax amendment proposal by the Lee Jae-myung administration, it will serve as a communication channel to coordinate positions with the government on issues like the introduction of separate taxation on dividends and to refine internal disagreements.
Kim Byeong-ki, acting party leader and floor leader, spoke at the floor countermeasure meeting that day about the special committee, stating, "During the three years of the Yoon Suk-yeol administration, the country's coffers have been drained, and we have become a debtor nation," adding, "The Democratic Party will work closely with the government to prepare a reasonable tax normalization plan centered around the Special Committee on Tax Normalization."