On Monday, South Korea's stock market experienced its largest single-day drop in modern history, causing increased domestic capital market volatility. President Yoon Suk Yeol's office has urged the National Assembly to reconsider implementing the "financial investment income tax" scheduled for January 2025, citing potential negative impacts on retail investors, particularly those from middle-income households. The ruling People Power Party has aligned with the presidential office's stance, emphasizing the need for bipartisan support to address the uncertainties in the stock market. The proposed tax scheme aims to levy a 20 percent tax on retail investors with annual capital gains exceeding 50 million won, with a higher rate of 25 percent for proceeds exceeding 300 million won. The plan, initially agreed upon in 2020 and postponed to 2025, is now facing opposition from the Democratic Party, which argues that the taxation primarily targets the wealthiest households. An online petition calling for the abandonment of the law has garnered over 15,600 signatures on the National Assembly's web portal. Overall, the political dispute over the taxation plan has intensified in response to the recent stock market turbulence, with both major parties advocating for their respective positions on the issue.