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PSPD    People's Solidarity for Participatory Democracy

  • Socio-Economic
  • 2010.10.27
  • 2077


Grand National Party should review reduction and withdrawal of Transfer Income Tax and Integrated Real Estate Tax

By withdrawing current tax reductions, sincerity of pro-common people and mid-conservatism of the party can be averred

A spokesperson of the Grand National Party (GNP) announced that withdrawal of tax reductions for the high income brackets will be considered at the party policy-making committee, which was proposed by the supreme representative, Chung, Dooun, at the top and management-level joint meeting today (27 October). It is welcomed, though late, that GNP announces consideration of the withdrawal of the tax reduction policy for the high income brackets, which endows benefits to the rich and transfers suffering to the middle and lower classes. Considering the worsening economic turmoil, tax reductions for the high income bracket should have already been withdrawn. Tax Reform Center (Director: Choi, Youngtae, Accountant) of People’s Solidarity for Participatory Democracy (PSPD) requests GNP to withdraw the reduction of transfer income tax and integrated real estate tax, imposed since 2008, in addition to the withdrawal of the reduction of the income tax and corporation tax for the richest, GNP should show sincerity and responsibility for the motto of ‘pro-common people’ asserted by the government and the party in power.

The government and the ruling party reduced the rate of corporation tax and income tax in 2008, and also reduced transfer income tax by 3%p , which are confined to those who possess either high priced houses valued more than six hundred million won or more than one houses. Integrated real estate tax adjusted the level of taxation from six hundred million won to nine hundred million won, and cut the rate by more than half. Consequently, the people suffered and were burdened by the worsening income redistribution and reverse tax structure in addition to already low tax revenues compared to other advanced countries. 

GNP’s announcement today regarding withdrawal of the tax reductions for the high income brackets may indicate not withdrawing the overall tax reduction policy, but just abandoning the withdrawal of the highest rates for corporation tax and income tax which were postponed in 2008. Beside the reductions of the highest tax rates on corporation and income tax which are not in effect yet, common people have already taken a big burden because of the tax cut for the rich, such as transfer income tax and integrated real estate tax. The weight of indirect tax was increased from 47.3% in 2007 to 51.1% in 2009.

GNP should not only consider the postponed reduction of the highest rates of corporation tax and income tax, but withdraw the whole tax reduction policy for the rich in effect since 2008. Then, the party’s promise would be confirmed to change the party into ‘a reformative mid-conservative’ party which was announced in the representative speech of a negotiation body of the National Assembly. Tax Reform Center of PSPD urges GNP to show sincerity and responsibility in accordance with the identity of long exclaimed motto of ‘pro-common people’ and newly provoked ‘reformative mid-conservatism’ on this occasion.

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