Kim Mun-soo: “Lee Jae-myung’s government has thrown a tax bomb at the people, equivalent to a stock market martial law.” Strongly criticizes the tax reform plan.

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Kim Moon-soo, Criticizes Lee Jae-myung Government's Tax Reform Plan as "Martial Law Level on the Stock Market"

Former Minister of Employment and Labor Kim Moon-soo, who is running for the leadership of the People Power Party, has strongly criticized the Lee Jae-myung government's tax reform plan.

On the 3rd, Kim posted on his X (formerly Twitter) account, titled "The Lee Jae-myung Government Continues to Ignore the Warnings of the People."

Kim stated, "On July 31, the government reversed its own declaration of fostering the capital market and threw a tax bomb at the level of martial law on the stock market at the people."

He further emphasized, "The domestic stock market experienced the worst drop last Friday, and the government is still ignoring and standing by. As the stock market is shaken amid an already stagnant domestic economy, the cynical expression ‘escaping the national president is a sign of intelligence’ is being openly circulated."

He added, "The people who believed the Lee Jae-myung government's promise to 'open the era of KOSPI 5000' have been deceived once again, becoming fools. Do not throw tax bombs at the people anymore. The anger of the public is anything but light."

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Previously, the tax reform plan announced by the government on the 31st of last month included a significant lowering of the threshold for 'large shareholders' subject to capital gains tax from 5 billion won to 1 billion won.

Additionally, there were many policies that could impose burdens on investors, including an increase in the securities transaction tax and the introduction of a separate taxation rate for dividends up to 35%.

Following the announcement of the tax reform plan, the stock market showed an immediate reaction. On the 1st, the KOSPI closed down 126.03 points (3.88%) from the previous trading day, at 3,119.41. This marked the largest daily decline since April 7 (-5.57%) and the biggest drop since the inception of the Lee Jae-myung government.

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In relation, Park Seong-hoon, the chief spokesperson of the People Power Party, claimed, "A total market capitalization of 100 trillion won evaporated within a day due to the tax reform plan that the Lee Jae-myung government and the Democratic Party announced, stating they would collect 35.6 trillion won in taxes." He pointed out that the results of "Lee Jae-myung's tax rampage," including corporate tax increases, securities transaction tax increases, and strengthening the threshold for capital gains tax on large shareholders, directly hit the market.

He also noted, "After the president and the Democratic Party boasted about concluding customs negotiations, they now 'suddenly' declared war on individual investors."

Park raised his critical voice, saying, "This government and the Democratic Party, trapped in their hardline supporters, ignore market principles, chase populism, while businesses grow weary, investors flee, and the public grows angry." He emphasized, "The People Power Party will do its utmost to prevent the Democratic Party's legislative rampage to protect the economy, the market, and common sense."

Image sources: Kim Moon-soo, the People Power Party leadership candidate, presents his vision at the 6th National Convention of the People Power Party held on August 3 at the party's central office in Yeouido, Seoul. 2025.8.3 / News1; Lee Hyung-il, Vice Minister of the Ministry of Finance, presents key content at a detailed briefing on the 2025 tax reform plan held at the government complex in Sejong on July 31. 2025.7.31 / News1 (provided by the Ministry of Finance); Park Seong-hoon, chief spokesperson of the People Power Party / News1.

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