Democrats' Compromise Plan: Exclude Financial Investment Income for Health Insurance Premiums

IconCryptoNewsTerminal Staff26 Jul, 2024

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Democrats' Compromise Plan: Exclude Financial Investment Income for Health Insurance Premiums

Democrats Propose Compromise on Financial Investment Income Tax The Democratic Party of Korea has proposed a revision to the law that would exclude financial investment income from the calculation of health insurance premiums. This move comes as part of an effort to implement the financial investment income tax while also addressing concerns about the impact on low-income individuals and families. Key Points of the Revision Exclude income from stocks, bonds, and funds from health insurance premium calculations. Grant a deduction for dependents' financial investment income up to 1 million won per year. * Change from withholding tax on a semi-annual basis to a once-a-year confirmed declaration. By excluding financial investment income from premium calculations, the Democratic Party aims to reduce the financial burden on those who rely on these investments for retirement or other financial goals.

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