Yoon Hee-sook: "Claiming income rises as house prices go up... Even single-homeowners told to sell their homes to pay taxes"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyemin] Yoon Hee-sook, a member of the Future United Party who gained attention for her "5-minute speech," criticized the real estate tax law amendment passed under the ruling party's leadership, saying, "It means that even one-homeowners have to sell their houses, pay taxes, and move," calling it "extremely provocative to the point of extremity."

On the 5th, Yoon posted on her Facebook about the previous day's ruling party lawmakers' support debate on the real estate tax bill, evaluating it as "extremely provocative to the point that those who roared 'What's wrong with collecting more taxes from the wealthy?' received the biggest applause, showing a brave attitude that the purpose of the law is to protect the weak, so everything else doesn't matter."

She said, "It is worrying that lawmakers are excessively brave, but if this combines with divisive agitation, there is really no answer," criticizing, "The exact sign when democracy begins to be threatened in history is the combination of these two."

Regarding the ruling party's statement to "eradicate unearned income," Yoon pointed out, "Creating a mechanism to accumulate earned income during economic activity and generate continuous income in old age is encouraged by all countries and is also the dream of the people," adding, "This is how elderly people spend their old age in any advanced country." According to Yoon, those with a good understanding of the financial market 'bury' their money in stocks or funds, while those who lack confidence put their money in real estate.

She said, "However, seeing the ruling party lawmakers collectively roar and cheer to eradicate unearned income in the National Assembly was dizzying."

Yoon also addressed the claim that "What's wrong with collecting taxes from the wealthy?" by saying, "Collecting taxes from the wealthy for redistribution is the basis of state management," but pointed out, "There is a basic principle that taxpaying ability must be considered."

She said, "Taxes are paid from income, but rising house prices do not increase income. Therefore, asset taxation must set exemptions and adjust the pace by considering the tax burden level relative to income," adding, "Especially, no country imposes heavy taxes on the house people live in."

Yoon criticized, "However, the law passed yesterday means that the government, which raised house prices due to failed real estate policies, is telling one-homeowners who have quietly lived in their own homes to pay more taxes because house prices have risen, and if they have no income, to sell their houses, pay taxes, and move," adding, "With so many people in the National Assembly thinking it is okay to trample on the basic rights of people just living in their homes worth over 900 million won, what can we do?"

She said, "It is also problematic to think it is okay to recklessly act because it is a problem for a minority, but that premise is also shaking," pointing out, "The number of comprehensive real estate tax (종부세) payers increased by 55% in two years, and if the number grows at last year's rate of 30%, 7 million people will pay 종부세 in 10 years."

Yoon criticized, "Dividing the people and inciting to recklessly act against the wealthy may draw catharsis from those struggling in life and receive applause, but it is a dangerously political act that spreads the idea that trampling on others' basic rights is acceptable." She added, "I am relieved that the statements of the agitators who received the warmest response from ruling party lawmakers are far from what average citizens think," sharpening her words, "The people experiencing real estate issues in their lives will soon realize the reality."