Taxes and more taxes to make Lee’s vision a reality

Lee Jae-myung, flagship of the ruling Democratic Party in next year’s presidential election, hopes to establish several new taxes, which would support his basic income plan.

And even if his universal benefit policy would weigh on the country’s fiscal management – a subsidy of at least 1 million won ($ 890) to each individual each year – the liberal politician speaks of billions of won in new tax revenue.

One of the key measures that the governor of Gyeonggi province, according to the governor of Gyeonggi province, will introduce is a new lax land tenure to be imposed on all landowners.

He also proposes to drastically increase most existing property taxes, promising to “end speculation” in the housing market.

The new tax and planned increases aim to increase the total tax burden on land ownership from the current 0.17% to 1%, while reducing the levies on transfers of ownership.

By funneling tax revenue from land and real estate owners to the Basic Income Fund, Lee claims that the wealth drawn from the real estate market would be distributed equally to all residents. About 80 to 90 percent of the public would benefit, he says.

Lee also proposed establishing a new carbon tax if he became president, which would pressure companies to reduce carbon emissions in their business operations.

Citing the case of Switzerland, which has reduced its carbon emissions by 71% since 1990 with a carbon tax, Lee says the new tax would help advance the date of the country’s goal of achieving carbon neutrality by 2050, to the year proposed by Lee. from 2040.

Tax revenues would be used to help an industrial transition to renewable energy sources and less reliance on fossil fuels, and also to give back to the people in the form of a basic income, according to Lee.

Lee’s camp said the government would be able to collect up to 100,000 billion won in the carbon tax if it charged up to $ 150 per tonne of carbon dioxide emitted.

A controversial “robot tax,” or the tax that would be levied on artificial intelligence machines and devices, is also part of Lee’s tax proposals. The idea of ​​the tax is to compensate for job losses.

Lee also said he would introduce a “data tax” for businesses that make profit using data, including personal information and all data created from people’s economic activities.

By Jo He-rim ([email protected])

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