Korean media states the comprehensive real estate tax (tax on multiple residences or a single residence valued at more than $2 million or so) is not just a tax on the rich anymore and that it is being imposed on over a million people.
Korea has relatively low real estate tax. So, they created a comprehensive real estate tax in an attempt to make the rich pay some taxes.
The mostly conservative media, run by people who probably pay a comprehensive real estate tax, are complaining that the tax is unfair, a burden on ordinary citizens, depressing real estate market prices, and such.
Hope the majority opposition party (liberal) puts a stop to any proposals to reduce taxes. :)
My home is valued at way under $2 million.
