Hong Ik-pyo, senior presidential secretary for political affairs, said Wednesday that "the president's current thinking is not to raise the holding tax," but added that "if listings dry up or property prices are not brought under control after the capital gains tax surcharge moratorium expires on May 9, the government will put every tool at its disposal on the table for review."
Appearing on CBS Radio, Hong said, "That naturally includes the holding tax issue." He added, "I would like people to understand this as one of the tools the government can consider if the real estate market is not brought under control and listings start to freeze up."
Regarding President Lee's recent decision to exclude public officials who own multiple properties from designing real estate policy, Hong explained, "There have long been cases where the presence of multi-home owners in the policy-making process caused misunderstandings." He likened it to the Korean proverb "don't even tie your hat strings under a pear tree," saying, "It was about checking for potential controversy and making sure no such individuals are on key policy lines." He added, "The president appears to value a public-interest mindset and sincerity more than competence alone."
On criticism that the government's planned 25 trillion won supplementary budget is designed for electoral purposes, Hong drew a clear line, saying, "I find that hard to agree with." He dismissed the claim, stating, "The supplementary budget is absolutely not driven by elections. The direct cause is the war in the Middle East."
On the potential dispatch of a South Korean frigate and troops to the Strait of Hormuz, Hong said, "We will deliberate carefully, and if necessary in the process, there will certainly be a time to seek bipartisan support and opinions from political circles." He noted, "Deploying combat troops would be the second time since the Vietnam War, and is different in nature from past non-combat deployments." Addressing opposition lawmakers who have called for the dispatch, he urged them to "consider that this is a decision that puts the lives of many service members on the line."
