The chief of the ruling Grand National Party said Tuesday that his party’s move to withdraw additional tax cuts for conglomerates is aimed at strengthening policies for ordinary working households.
The tax cuts for businesses and high-earning individuals, which form the backbone of President Lee Myung-bak’s major economic stimulus package, are set to be implemented next year, but the proposed measure has prodded critics to suspect it will increase the financial burdens on the middle class.
“Regarding the withdrawal of corporate tax cuts, some say (the party) is leaning toward the left. But it is a policy for the ordinary people,” Rep. Hong Joon-pyo said in a radio address.
Since being elected the GNP leader last month, Hong has vowed to implement a more populist approach and focus on day-to-day issues that create money woes for many families, in an apparent attempt to woo voters ahead of next year’s elections.
“The GNP is working with the government to strengthen policies aimed at distributing fruits of growth to small and mid-sized companies, small retailers and ordinary people,” Hong said.
His remarks were in line with a series of economic policies by the conservative party. The GNP is pushing to sell part of a stake in Incheon International Airport to the general public to benefit more people through the privatization of the state-run company.
