Jung Jum-sik, chairman of the People Power Party's policy committee, sharply criticized the government on Tuesday after it signaled it would maintain the long-term holding special deduction (jangteukgong), saying, "Suspicions are growing that this is yet another 'trick politics' in which the government and ruling party are hiding, changing their words, and buying time ahead of the local elections for fear of electoral disadvantage."
Jung made the remarks in a Facebook post on the 4th, adding, "Distrust is also spreading that they may bring up the 'phased abolition of jangteukgong' again after the election, despite saying now that it is not on the table."
"Presidential Policy Chief Kim Yong-beom today said of the full abolition of jangteukgong that 'jangteukgong will of course be maintained,'" Jung said. "However, the President himself has previously mentioned the 'phased abolition' of jangteukgong."
"If the President's remarks and the policy chief's explanation differ this much, what standard should the public use to trust government policy?" he said. "The public does not view this situation as simple confusion."
Jung also stressed, "The public no longer trusts this kind of policy management," adding, "Real estate policy is an issue directly tied to the people's property rights."
"The President should clearly state his precise position himself, even now," he added. "If this represents a revision of the previous position, he must also issue a public apology."
Kim, the policy chief, held a briefing at the Chunchugwan press room of the Presidential Office earlier in the day and drew a line regarding a bill submitted by the broader ruling bloc to abolish the long-term holding special deduction on capital gains tax, saying, "It is absolutely not the government's position." Kim said, "Jangteukgong itself will of course be maintained," adding, "However, residency and holding period are both granted a 40% deduction, and there needs to be consideration of whether this is appropriate for restructuring the housing market around actual residents."
