The Democratic Party held a general meeting of policymakers today (18th) to gather the final opinions of party lawmakers on the comprehensive real estate tax and capital gains tax adjustment plan prepared by the Real Estate Special Committee.
Previously, the Real Estate Special Committee was scheduled to raise a proposal for easing the taxation of first-generation, one-family homeowners to the top 2% of published prices on the agenda of the meeting.
The special consolation was raised to the general assembly of the House of Representatives on the 27th of last month, but was rejected after a debate on the pros and cons.
If the 'top 2% estate tax' bill is rejected at the general assembly of the House of Representatives today, the government bill with some supplementary measures such as the introduction of a deferred payment system will be implemented.
In this case, the property tax is levied on houses with a published price of 900 million won or more as it is now.
As for the transfer tax, the passage of the National Assembly is uncertain because there is not a small voice within the party against easing.
The key to the special consolation is to raise the tax exemption threshold for one homeowner per household from 900 million won to 1.2 billion won in the actual transaction price, but lower the long-term holding special deduction rate by the amount of transfer profit.
Within the party, there is also a prospect that the National Assembly could go on to a vote as it progressed into a final confrontation between the leadership and the opposition.