SEOUL, Oct. 10 (Korea Bizwire) —Various civic groups that claim the problem of land speculation in Korea cannot be overcome without increasing property holding tax have come together to launch a civic action coalition calling for stronger measures.
Civic groups such as Citizens’ Coalition for Economic Justice and Mibyun’s Committee on People’s Livelihood & Economy held a joint inauguration ceremony this morning at Gwanghwamun Plaza in Jongno-gu, Seoul, claiming that real estate speculation was tearing the nation apart.
The coalition said that without breaking away from current real estate practices, government policies on reviving the economy are just “empty prayers.” According to the coalition, “the best way to collect unearned income (from rent) is to strengthen property holding taxes.”
The coalition provided a specific roadmap for the incumbent Moon administration, asking that the current effective tax rate of 0.16 percent on property holdings be increased to 1 percent with a 0.5 percent hike taking place during Moon’s presidency.
The coalition said that the windfall from the tax hike could be used to fund public housing projects catering to newlyweds and young adults who fall under the underprivileged demographic category.
H. S. Seo (email@example.com)