GNP Endorses Property Tax-Cut Plan
By Kang Hyun-kyung
Staff Reporter
The governing Grand National Party (GNP) Monday decided to submit to the National Assembly the government-proposed revision bill to ease regulations for property owners without making any change.
Under the proposed bill, the government plans to levy property taxes to owners whose combined real estate value is 900 million won or more from the current 600 million won.
The ruling party's supportive stance on the revision bill angered opposition parties for they perceive it as what they called a measure for the top 1 percent income earners.
Chairman Chung Sye-kyun of the largest opposition Democratic Party (DP) reiterated its objections to the plan.
Chung called on his party lawmakers to review the proposal thoroughly so as to find an alternative.
DP Spokesman Choi Jae-sung told reporters that his party would make all-out efforts to block the move.
Democratic Labor Party leader Kang Ki-kab said his party will launch an anti-GNP campaign along with taxpayers, other opposition parties as well as civic group leaders.
If the bill is passed, Kang said only rich people will be better off, while the poor will suffer.
The opposition party leaders made the remarks after members of the GNP's decision-making Supreme Council agreed to submit the plan to the Assembly.
GNP Spokeswoman Cho Yoon-sun told reporters that those who oppose the bill would still be able to have their say in the Assembly.
``They can make their voice heard in the deliberation as committee members are going to review the bill before a vote,'' she said.
GNP lawmakers are divided over the adoption of the proposed property tax cut bill.
Lawmakers whose constituencies are based in wealthy areas sided with the government on the plan.
The proponents claim that the current taxation system is too harsh for property owners.
They say property owners will end up paying the amount of taxes that is equivalent to the one needed to buy their property back if the taxation continues for twenty years.
Meanwhile, GNP lawmakers who are representing relatively poor districts oppose the revision bill.
The current taxation system was adopted by the previous Roh Moo-hyun administration.
Roh, an advocate of redistribution policy for the poor, came up with the taxation measure to curb the property bubble and use the increased tax income to finance social policy for working-class families.