DP agrees with ruling party’s push to abolish the financial investment income tax two months before its implementation

[Anchor]

The ruling party's claim to abolish the financial investment income tax before its implementation next year has ultimately been joined by the Democratic Party.

Representative Lee Jae-myung explained that the stock market is currently in a very challenging place.

Reporter Kim Cheong-yun reports.

[Report]

The financial investment income tax imposes taxes on earnings above a certain level from stocks.

It is now on the path to abolition about two months before its implementation.

The leadership of the Democratic Party has decided to abolish the system.

Despite the ruling party's continued calls for abolition, the Democratic Party had been leaning more towards implementation or postponement.

Ultimately, Representative Lee Jae-myung has decided to move towards abolition, citing the challenges in the domestic stock market, and the fact that it has become a target for attacks from the opposition.

[Lee Jae-myung/Democratic Party Representative: "If we postpone or say we will enforce improvement, it seems we will constantly become a subject of political strife. It's unfortunate, but I would like to express my agreement with the government and ruling party's policy."]

There are also analyses suggesting that Representative Lee has chosen this as a strategy to appeal to the centrist voters.

The goal is to expand party outreach by focusing on people's livelihoods.

The ruling party welcomed the Democratic Party's conclusion, but other opposition parties expressed their discontent.

[Han Dong-hoon/People Power Party Representative: "(The People Power Party) has persistently argued for this as one of the livelihood policies. Although the Democratic Party is late, we welcome their decision to fully abolish the financial investment income tax."]

[Hwang Un-ha/Rebuilding Korea Party Floor Leader: "What is Representative Lee's plan for promoting his basic income policy, which is a major philosophy of his, and how will he secure the 13 trillion won needed for the livelihood recovery support fund?"]

With the Democratic Party agreeing to abolish the financial investment income tax, related legal amendments are expected to be processed in the National Assembly as early as this month.

KBS News, Kim Cheong-yun.