Lee Administration Reportedly Considering Raising Property Taxes in Korea
When you promise people free things you have to find money to pay for it and it appears the Lee administration may be targeting home owners:
An aide to President Lee Jae Myung has hinted at imposing more taxes on homeowners to stop the housing market from further overheating.
This prompted the right-wing opposition People Power Party’s call to hold the presidential aide accountable for causing confusion in the property market, as it claimed the tax hike on the wealthy would wind up hurting the poor.
On Saturday, Kim Yong-beom, chief secretary for national policy for the liberal president, wrote via Facebook that it would be plausible to “normalize” taxation on real estate assets.
In other words, South Korea needs to “rationally adjust” property taxes and comprehensive real estate holding taxes for those owning at least a house, as well as capital gains taxes for those selling their houses for profit, he noted.
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