Kim Bu-gyeom's "Rising House Prices = Unearned Income" Remark, Yoon Hee-sook Calls It "Ignorant, Divisive, Irresponsible Politics"

When Prime Minister Kim Boo-kyum (above) referred to the increase in housing prices as "unearned income," Yoon Hee-sook, a member of the People Power Party (below), criticized his remarks on the 19th on her Facebook, calling it "irresponsible politics that is so ignorant and only focused on divisive vote calculations." [Image source=Yonhap News]

[Asia Economy Reporter Hwang Sumi] Prime Minister Kim Boo-kyum called the increase in housing prices "unearned income" and said it "must be returned to society." In response, Yoon Hee-sook, a member of the People Power Party, criticized this as "irresponsible politics that pretend to be ignorant and are only focused on dividing people and calculating votes."

Earlier, at a press conference on the 18th, Prime Minister Kim stated, "Since the rise in housing prices can only be considered unearned income, it must be returned to society in some form," and added, "The comprehensive real estate tax is not a 'retaliatory' tax." He also said, "The policy goal of gradually lowering and stabilizing housing prices must not be shaken."

On the 19th, Representative Yoon posted on her Facebook page, delivering a direct blow to ruling party politicians centered on Prime Minister Kim's remarks. She pointed out, "Many politicians in our country either cannot distinguish between income and assets or pretend not to because it is advantageous for pandering to their support base with sensational political rhetoric." She then directly criticized, "These people have no interest in the rationality of policies."

On the 19th, Yoon Hee-sook, a member of the People Power Party, criticized ruling party politicians including Prime Minister Kim Boo-kyum on her Facebook, saying they are engaging in "irresponsible politics, pretending to be ignorant and only obsessed with divisive vote calculations."
[Photo by Facebook]

She continued, "Unless you are a rental income earner, unearned income does not occur every year just because asset prices have risen. Income occurs when capital gains are realized, that is, when the house is sold," explaining, "In many countries including ours, capital gains tax is imposed at this time to collect profits from asset price increases." She added, "The way to strengthen the social return of unearned income is to increase the effectiveness of capital gains tax," and noted, "Even in the case of financial assets that are clearly unearned income by Prime Minister Kim's standards, we are only expanding capital gains tax while taxing actual financial income."

Finally, Representative Yoon said, "If someone has firmly decided to pretend not to distinguish between income and assets, no matter what you say, it will be like water off a duck's back," but pointed out, "At least they should maintain consistency in their logic to prevent unfairness." She then questioned, "How will you consider those whose house prices have risen but whose income has not?"

This content was produced with the assistance of AI translation services.