While the Democratic Party of Korea drew a line against abolishing the long-term holding special deduction, it said it plans to reduce benefits for nonresident single-home owners.
Kang Jun-hyun, the Democratic Party chief spokesperson, held a briefing on the results of the high-level party-government consultation at the National Assembly press center on Apr. 22 in the afternoon.
In response to a question about whether the high-level party-government discussed abolishing the long-term holding special deduction, Kang said, "It seems the People Power Party is being quite unreasonable," and added, "There has not yet been any concrete discussion at the party-government level on real estate tax reform."
Kang added, "Regarding the policy's intent, the party and government are listening to a wide range of public opinions," and said, "We have principles and a direction. The principle is that we must end the disgrace of the nation-ruining real estate omnipotence."
Kang said, "We have a direction that excessive benefits should not be allowed through multi-home rental business operators or nonresident ownership of dwellings," adding, "This is what was organized after discussions with the policy committee chair."
Regarding the People Power Party's offensive over abolishing the long-term holding special deduction, Kang said, "We are not saying we will scrap all long-term holding deductions for single-home owners, but they are trying to frame it that way," and added, "I don't know if it's because of the local elections, but they should not spread fake news."
Kang also labeled the People Power Party's attacks on Minister Chung Dong-young of the Ministry of Unification as "fake news" or "false information." He said, "If you look at last year's report, it clearly describes the Yongdeok-dong nuclear explosion facility. It has already been made public," adding, "It is puzzling that the People Power Party is raising an issue now. It seems the People Power Party is trying to forcibly shake the South Korea-U.S. alliance."