Jeong Jeomsik: "Ruling Party's Tax Rebellion Show Ended After Four Days... Taxpayers Will Deliver Their Judgment"

Jeong Jeomsik, floor leader of the People Power Party, said on Nov. 13 of the conflict between the party and the presidential office over the comprehensive real estate holding tax, "The Democratic Party of Korea's rebellion show over the tax ended after four days," adding, "Taxpayers will deliver a stern judgment on an attitude that turns the taxes paid by the public into a political show for parliamentary election purposes."

Jeong Jeomsik, floor leader of the People Power Party, delivers opening remarks at a floor strategy meeting at the National Assembly on the 13th. 2026.11.13 Photo by Yoon Dongju

At a floor strategy meeting that morning, Jeong said, "What the ruling party should have demanded of the government was a sweeping shift in real estate policy. Rebelling over one part of a tax reform proposal without addressing excessive regulations such as stricter owner-occupancy requirements was nothing but an insincere political show for the general election."

Earlier, at a high-level party-government consultation, the ruling party proposed setting the basic deduction for the comprehensive real estate holding tax for owners of one home at 1.4 billion won in assessed value, regardless of whether they lived in the property. After meeting President Lee Jaemyung for dinner, Democratic Party of Korea leader Kim Minseok backed down, saying, "The fundamentals of real estate policy must be upheld consistently."

 

Jeong said, "At the dinner at the Blue House, which Kim attended, President Lee reportedly stressed that the ruling party and the government must act in unison," adding, "In effect, the president was forcefully pushing them down, telling them not to say anything different about the comprehensive real estate holding tax. It is pitiful to see the puppet 'Myeongpik' party leader in this position."

Jeong also called for a shift in the government's real estate policy, saying, "What the ruling party should have demanded was stricter owner-occupancy requirements through the land transaction permit system, a tougher stance on regulations on jeonse loans, and a change in the government's lukewarm attitude toward revitalizing reconstruction and redevelopment."

Jeong said, "The public does not care whether the party and the presidential office are at odds. The urgent issue right now is the housing crisis in the Seoul metropolitan area," adding, "The government must come up with measures to address the painful reality of the jeonse and monthly rental market crisis, with jeonse homes disappearing and monthly rents soaring."

This content was produced with the assistance of AI translation services.