Ruling Party's Jeon Eun-soo Rebuts Opposition Criticism of Semiconductor Surplus Tax Fund

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By Kang Do-rim
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Rep. Jeon Eun-su of the Democratic Party. Newsis - Seoul Economic Daily Politics News from South Korea
Rep. Jeon Eun-su of the Democratic Party. Newsis

Democratic Party lawmaker Jeon Eun-soo said Sunday that when the People Power Party (PPP) criticized the Lee Jae-myung administration's push for a "Future Response Fund" using additional tax revenue from semiconductors, it should "stop the outdated frame war and respond with responsible politics for future generations."

"Discussing how to use public finances for the nation's future is a natural duty of all in the political sphere," Jeon said on Facebook that day.

"The international community is now intensely grappling with the role of public finances for the nation's survival and future amid a period of upheaval in industrial structure," he said. "Job displacement and unemployment from the artificial intelligence (AI) transformation, and even K-shaped polarization — the challenges we face are by no means light."

"In this context, the government and ruling party decided to establish a 'Future Response Fund' using additional resources secured through the semiconductor boom and other factors," he said, calling it "a very timely decision."

Jeon said, "The main opposition People Power Party, from the very start, has imposed stale political frames such as 'election-purpose budget' and 'power response fund.'" He added, "It is merely an extension of their talk of 'petty cash' regarding the three mega-projects, and can hardly be seen as productive criticism."

"If there are differing views, they should present reasonable and sensible alternatives instead of wasteful blame and political strife," he continued, urging, "Please let our politics fulfill its responsibility for future generations."

Earlier, when the government and ruling party decided to establish a Future Response Fund using excess tax revenue generated by factors such as the semiconductor boom, the People Power Party criticized it, saying it was "not a fund for the future, but merely a 'power response fund' for the Lee Jae-myung administration."

Original reporting by Kang Do-rim for Seoul Economic Daily.

AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.

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