President Lee Jae-myung: 'Backlash over business inheritance reform? Reducing unjust exemptions is tax normalization'

President Lee Jae-myung, regarding the backlash surrounding the government's overhaul of business inheritance deductions, argued that reducing unjust exemptions is the path to tax normalization, raising doubts about existing benefits.

In a post on social media platform X on Thursday, where he shared an article covering the backlash, President Lee pointed to industries such as taxi and bus transportation and department stores where benefits are maintained, asking, "Is it fair to continue allowing hundreds of billions of won in estate tax exemptions?"

Through a tax reform plan announced on the 3rd, the government significantly strengthened the requirements for business inheritance deductions starting next July. The overhaul includes removing parking lots, hospitals, and pharmacies from eligible sectors and raising the management period requirement from 10 years to 30 years.