South Korean President Lee Jae-myung said at a cabinet meeting on 2026-09-01 that Lee Hyeong-il's nomination for Deputy Prime Minister and Minister of Economy and Finance could be cancelled if Chuseok holiday prices are not controlled. ^[1] Lee Hyeong-il, the designated Vice Prime Minister and Minister of Finance and Economy, stated on September 2 that the government will maintain the core principle of residence-centered tax reforms while remaining open to incorporating reasonable points raised during the National Assembly's review process. ^[2] President Lee Jae-myung said at the same meeting that tax revenue is in good shape and the economy is improving to some extent, but the public does not fully enjoy the benefits, and he hoped the holiday period would not be sad. ^[3] President Lee Jae-myung stated that housing permits in the capital region have fallen to less than half of the 2022 level since 2022, creating a supply cliff. ^[4] Prime Minister Han Sung-sook said at the 2026-09-01 cabinet meeting that she would stake her job on housing supply efforts, referencing Labor Minister Kim Young-hoon's earlier pledge to stake his job over industrial accident reduction. ^[5] Lee Hyeong-il emphasized that price stability is the top priority for the economic team, describing it as the foundation of the livelihood economy and the starting point for resolving polarization. ^[6] The government revised the Comprehensive Real Estate Tax basic deduction for non-residents with one property from 900 million won to 1.2 billion won, a move Lee Hyeong-il explained was intended to maintain the current status due to market concerns rather than to lower the deduction for non-residents. ^[7] Lee Hyeong-il indicated that the government will make additional efforts to publish additional Chuseok price measures, such as increasing supply of staple goods or offering more discounts, to address rising prices. ^[8]