People Power Party "The establishment of a new government semiconductor tax revenue utilization fund is a declaration that taxpayers' money will be used as they wish."

When the People Power Party announced on the 22nd that the government plans to establish a new fund to invest in future growth engines using additional tax revenue from the semiconductor boom, it criticized, "The government is making a fuss about preparing for the future, but in reality, it is a declaration that the people's tax money will be used as the government wants."

Rep. Bae Jun-young, secretary of the National Assembly's Finance and Economic Planning Committee, said at a press conference at the National Assembly on this day, "The People Power Party will do its best to resolutely fight against 'trick funds,' 'pseudo accounting,' 'fake reserve funds,' and 'permanent supplementary budget.'"

He pointed out, “This fund is a second general accounting with the characteristics of a ‘expedient reservoir,’” and added, “This fund has a wider range of use than the reserve fund, can be accumulated for many years, and is a super reserve fund that can even change the fund management plan.”

He continued, “The government has considerable discretion to change the fund within the range of 20% without prior approval from the National Assembly,” and “I cannot help but doubt the purpose of the government’s establishment.”

In addition, he said, "Excess tax revenue is used to pay local finances and education grants, repay public funds, repay national debt, and, if necessary, use it as a supplementary budget. Once a significant portion of the funds is secured in advance, it will not be possible to implement them according to the procedures of the National Finance Act."

Rep. Bae also said, “The Finance and Economy Committee, chaired by the Democratic Party, is breaking all principles and practices and is providing the cause of the standing committee’s failure by saying that it will take over as chairman of the Budget and Settlement Review Subcommittee,” and claimed, “This is a preliminary work to easily pass the fund and allow it to be operated as it pleases.”