{"id":2203512,"date":"2024-01-18T08:00:16","date_gmt":"2024-01-17T23:00:16","guid":{"rendered":"https:\/\/koreapro.org\/?p=2203512"},"modified":"2024-01-17T17:46:24","modified_gmt":"2024-01-17T08:46:24","slug":"yoons-tax-reform-proposals-face-partisan-gridlock-amid-national-debt-concerns","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/01\/yoons-tax-reform-proposals-face-partisan-gridlock-amid-national-debt-concerns\/","title":{"rendered":"Yoon\u2019s tax reform proposals face partisan gridlock amid national debt concerns"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korean President Yoon Suk-yeol <\/span><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20240117068552001?section=politics\/all&amp;site=topnews01_related\"><span style=\"font-weight: 400;\">vowed<\/span><\/a><span style=\"font-weight: 400;\"> Wednesday to implement \u201cbold\u201d reforms in stock market taxes to correct the perceived undervaluation of South Korean shares and improve the financial situation of ordinary people. Yoon asserted that reforming \u201cexcessive\u201d tax systems will help fundamentally resolve the \u201c<\/span><a href=\"https:\/\/koreapro.org\/2022\/05\/the-korea-discount-why-south-koreas-stock-market-is-so-underpriced\/\"><span style=\"font-weight: 400;\">Korea discount<\/span><\/a><span style=\"font-weight: 400;\">,\u201d a term referring to the perceived undervaluation of South Korean stocks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, Yoon outlined plans to empower minority shareholders by advocating for legislative changes to enable virtual general shareholders\u2019 meetings. He also committed to enhancing Individual Savings Accounts and raising the limit on the non-taxable amount. Yoon emphasized the need for reforms in the financial investment sector to ensure that South Korea\u2019s economy and society remain dynamic.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If implemented, Yoon\u2019s vow to implement \u201cbold\u201d reforms in stock market taxes has the potential to strain already limited national tax revenues. South Korea\u2019s <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20240104011200320\"><span style=\"font-weight: 400;\">tax revenue<\/span><\/a><span style=\"font-weight: 400;\"> fell by nearly $38.14 billion (50 trillion won) during the first 11 months of last year from a year earlier. Concurrently, South Korea\u2019s <\/span><a href=\"https:\/\/www.moef.go.kr\/nw\/nes\/detailNesDtaView.do?searchBbsId1=MOSFBBS_000000000028&amp;searchNttId1=MOSF_000000000066090&amp;menuNo=4010100\"><span style=\"font-weight: 400;\">national debt<\/span><\/a><span style=\"font-weight: 400;\"> exceeded $823.15 billion (1,100 trillion won) by the end of Aug. 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the intent behind Yoon\u2019s pledge is to bolster asset accumulation and prevent capital flight, further decreases in tax revenues amid increasing national debt could lead to a credit rating downgrade, resulting in higher borrowing costs and diminished investor confidence and fiscal constraints.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Yoon\u2019s tax reform proposals will face resistance from the main opposition Democratic Party. With parliamentary elections scheduled for April 10, Yoon and the ruling People Power Party will find it challenging to garner the necessary bipartisan support.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korean President Yoon Suk-yeol vowed Wednesday to implement \u201cbold\u201d reforms in stock market taxes to correct the perceived undervaluation of South Korean shares and improve the financial situation of ordinary people. Yoon asserted that reforming \u201cexcessive\u201d tax systems will help fundamentally resolve the \u201cKorea discount,\u201d a term referring to the perceived undervaluation of South [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2203513,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,27],"class_list":["post-2203512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-domestic-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yoon\u2019s tax reform proposals face partisan gridlock amid national debt concerns - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/01\/yoons-tax-reform-proposals-face-partisan-gridlock-amid-national-debt-concerns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yoon\u2019s tax reform proposals face partisan gridlock amid national debt concerns - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korean President Yoon Suk-yeol vowed Wednesday to implement \u201cbold\u201d reforms in stock market taxes to correct the perceived undervaluation of South Korean shares and improve the financial situation of ordinary people. 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