Is It 50 Trillion or 100 Trillion, Tax Increase or Tax Cut... Diverging Views of Yoon Seok-yeol and Kim Jong-in

[Image source=Yonhap News]

[Asia Economy Reporters Jun Park and Jinyoung Jeon] How to assimilate the various policy agendas poured out by Kim Jong-in, the overall election committee chairman, into those of Yoon Seok-yeol, the People Power Party's presidential candidate, is currently the biggest challenge facing the People Power Party's election committee. The 50 trillion won COVID-19 compensation fund proposed by candidate Yoon was doubled to 100 trillion won by Chairman Kim, and Kim's 'tax increase theory' conflicts with Yoon's 'tax cut theory.' The 'coalition cabinet' envisioned by Chairman Kim is also a similar agenda facing challenges.

On the morning of the 9th, Chairman Kim emphasized the '100 trillion won fund theory' for the second day at the central election committee meeting, saying, "Candidate Yoon has already mentioned a 50 trillion won fund, but I think more resources will be needed," and "It may require more than 50 trillion won, possibly 100 trillion won." However, regarding the ruling party's proposal for a 'four-party negotiation,' he cut it off by saying, "This is a plan being reviewed by the election committee to establish COVID-19 measures if candidate Yoon wins and takes office, and I don't think it is a subject for negotiation as the Democratic Party suggests."

The Democratic Party sharpened its criticism toward Chairman Kim's somewhat retreating stance. Ko Yong-jin, the Democratic Party's chief spokesperson, criticized in a briefing that day, "It's absurd. For small business owners who might have had some hope in Chairman Kim's proposal, this is truly disappointing." He demanded 'unified positions' amid the discord between Chairman Kim and candidate Yoon. However, the People Power Party side countered by claiming that the ruling party has no intention to negotiate and that it is merely a 'double play,' seemingly trying to buy time.

For now, attention is focused on how candidate Yoon will accept Chairman Kim's 100 trillion won fund theory. It is difficult to immediately reverse the existing position or outright reject Chairman Kim's proposal. Lee Yang-soo, the People Power Party election committee's chief spokesperson, said, "Candidate Yoon also sympathizes with the intent of Chairman Kim's proposal," but added, "Detailed review is necessary."

From candidate Yoon's perspective, time and information to organize his thoughts on the 'Kim Jong-in-originated' policy agendas emerging daily have become crucial. In a media interview the previous day, Chairman Kim floated the idea of a 100 trillion won COVID-19 fund along with the 'tax increase theory.' He also advocated the necessity of a 'coalition cabinet' alongside the Democratic Integrated Government theory after taking office. However, candidate Yoon has so far leaned toward the 'tax cut theory,' including a comprehensive review and abolition of the comprehensive real estate tax. When asked by reporters the previous day about his view on Chairman Kim's coalition cabinet opinion, he replied, "I will consider it later if I win the election and take charge of the government," adding, "What is important is national unity," without giving a direct answer.

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