South Korean stock market crash: individual investors criticize opposition lawmakers: ”Are we going to die together?”

Amid fears of a US economic recession, the Korean stock market was in turmoil as the KOSPI index recorded a steep drop. This situation has drawn criticism from individual investors from the main opposition party, the Joint Committee on Economic and Social Affairs.
The criticism has been directed at Rep. Jin Sung-Jun, the policy committee chairman of the Democratic Party. The issue of abolishing the financial investment income tax, which Jin opposes, is the target of the criticism.
On the 25th of last month, Chen posted on his blog, "Statement by the Democratic Party's Planning and Finance Committee on the Government's Tax Law Revision Bill," and as of the 6th, it had received over 5,800 comments.
As the stock market crashed on the 5th, individual investors posted critical comments on Chen's blog and Instagram.
In response to Chen's statement, individual investors said, "They tried to tax the super-rich, but it was just ordinary people.
"Only individual investors are being sacrificed." "If the bill is not repealed, I will withdraw my support for the Democratic Party." "Are you considering such a bill in a fragile market?" "If you say you will take responsibility for the bill, then the stock market
"You should also take responsibility for the situation," "Are we all going to die together? This is really not good," and other critical comments followed. Financial investment income tax is a tax on stocks, bonds, funds, derivatives, etc.
The policy will impose a tax of 20% on income of 50 million won or more per year through financial investments (25% on income of 300 million won or more).
The ruling party has made clear its intention to abolish the tax. Former Democratic Party leader Lee Jae-myung has also called for a postponement of the tax's implementation.
However, Chen strongly argued that the bill should be implemented as scheduled.
"Only the super-rich pay the financial investment income tax, which amounts to just 1% of all investors," he said on YTN radio. "Many countries around the world have introduced capital gains tax or financial investment income tax.
Meanwhile, in response to the stock market instability, the Democratic Party of Japan decided to postpone a debate on financial investment income tax that was scheduled for the 7th.