Candidate Kim Min-seek urges government to address tax hike fears for non-resident single homeowners in tax reform

Kim Min-seek, a candidate for the Democratic Party leadership, raised concerns about potential side effects regarding the government’s plan to completely abolish the long-term holding special deduction for non-resident single-homeowners, calling it a 'de facto tax hike' and urging for revisions.

On the 14th, Kim criticized the government’s proposal via social media, arguing it overlooked the fact that there is a significant number of middle-class non-resident single-homeowners across the country. He claimed that careful consideration is needed as tax changes will not simply stop with the owners but could trigger a ripple effect across the entire housing market.

In particular, Kim analyzed that abolishing the deduction would have the effect of a tax hike for non-resident single-homeowners owning apartments in Seoul worth over 1.2 billion won. He added that concerns are being raised that this could lead to market distortions, such as landlords pressuring tenants to vacate.