Chung Jeom-sik Meets Lee Hyoung-il, Calls for Full Review of Future Response Fund and Delay of Virtual Asset Taxation

[Financial News] People Power Party floor leader Chung Jeom-sik met Lee Hyoung-il, Deputy Prime Minister for Economic Affairs and Minister of Finance and Economy, on the 30th and called for a full reconsideration of the Future Response Fund and the postponement or abolition of virtual asset taxation. Lee said he would work to stabilize prices and address polarization.
At the meeting at the National Assembly of the Republic of Korea, Chung said, "The Future Response Fund, which would be financed by excess tax revenue, must be fully reconsidered." He added, "If tax revenue increases due to temporary factors, policies should be formulated to reduce the tax burden on the public."
Chung emphasized, "Virtual asset taxation should be postponed or abolished, and taxation itself should not be rushed." He continued, "There are widespread concerns that heavy-handed taxation would only result in capital outflows to places such as Hong Kong and Singapore." He also asked the government to pay particular attention to the people’s livelihoods amid high inflation and an economic slowdown. "When I visited the region during the Chuseok holiday, many people said, 'It is difficult to make a living' and 'Prices are insane,'" Chung said. "I ask the deputy prime minister to take a close look at the realities facing ordinary people."
He also said, "Since President Lee Jae Myung took office, there has been widespread talk that Kim Yong-beom, the former Cheong Wa Dae policy chief, has led all economic policy, leaving the Ministry of Finance and Economy without a role." He added, "The economic policy structure of this government must be changed. The deputy prime minister should also show that he is willing to speak frankly to the president."
In response, Lee said, "I will listen directly to the voices of the public and businesses and swiftly implement policies that have been decided upon to produce tangible results." He added, "In particular, as the government department responsible for overseeing the economy, I will make every effort to stably manage prices, the foundation of people’s livelihoods, and ease polarization throughout our society, including in housing and employment."
Lee continued, "I deeply agree with your emphasis that, on livelihood issues, we must look only to the people and move forward without separating the ruling party, opposition parties and government." He added, "I hope we can communicate frequently and work together to develop sound policies."
[email protected] Lee Hae-ram Reporter