Morning Column Quote Urges Financial Investment Income Tax
Rep. Jin Sung-joon of the Democratic Party urged the introduction of the financial investment income tax again on the 3rd.
Rep. Jin posted a morning newspaper column on Facebook that day with the title "Inequality is scarier than 'Yoon Again'", posting it as-is. While the column gave a positive evaluation to Korean companies' values being re-evaluated and the stock market entering a boom period, it pointed out that "low-income earners with urgent livelihood needs are inevitably excluded from the benefits of the stock market boom." It then argued that "there is a need to revisit the discussion of the financial investment income tax, which was postponed due to concerns about stock market contraction."
Mentioning that "Seohak ants" (Korean retail investors investing in Western markets) pay 22% tax on capital gains exceeding 2.5 million won while investing in the US market, it pointed out: "How many investors would sell Samsung Electronics and SK Hynix stocks out of fear of taxes?" It further argued that "if excess profits recovered through taxation are used for welfare spending and public investment, the warmth of the stock market could lead to a virtuous cycle of redistribution that encompasses the entire society beyond just certain classes."
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https://n.news.naver.com/article/009/0005644495?sid=100
