Yoo Seung-min, the floor leader of the Saenuri party, reaffirmed that “welfare without tax increase is fiction,” reviving the tax increase and welfare dispute, as he was inaugurated.
Yoo Seung-min said that taxes fell short of the budget last year by 22.8 trillion won (US$20.8 billion) for the last three years, proving that “welfare without tax increase is fiction,” and appealing for a tax increase.
He said that the 134.5 trillion won (US$122.8 billion) budget commitment cannot be abided, and the Saenuri party “regrets” it, suggesting the necessity of a tax increase.
He will establish an organization where the ruling and opposing parties can discuss tax and welfare matters, suggesting the “moderate burden and moderate welfare” model.
Mentioning tax equity, he said the principles that “richer people pay more taxes,” “corporate taxes cannot be a sanctuary,” and “income and assets coexist with taxes” should be considered for the tax discussion.
He also asserted the idea of fairly sharing the pain and market economy, mentioning the necessity of innovation for the growth of the Korean economy.
As a solution for economic growth, he suggested the reformation of conglomerates and avoidance of short-term stimulus.
He said that the conglomerates should stop shameful actions such as letting their relatives run their campus restaurants, threatening small businesses.
He also said embezzlement, breach of trust, bribes, tax evasion, illegal political funding, and foreign currency escapes of conglomerates’ owner family executives should be equally punished as normal people.
He also criticized the government’s economic policy.
He said that the government should work on wage increases and stable employment rather than appealing to conglomerates for wage increases.
He criticized the government’s economic stimulus policy, saying “the short-term stimulus should be renounced.” He said the short-term stimulus, consuming the budget in the economy, which is stuck with low growth, only weakens financial soundness, which the Korea Development Institute warned.
As shown above, he vowed the ruling party’s change, suggesting midway or center-left policies. But, he will certainly pursue the “upright conservative way” for security, he said.
He asked that the opposing parties, which object to the allocation of THAAD in the Korean peninsula, if they have any alternative solutions for protecting citizens from North Korean nuclear or missile attacks, distinguishing himself from the opposing parties which appealed as “security parties.”
He said that conservatives and liberals should cooperate today to develop national strategies and recognize national challenges, and therefore they should put a stop to the idea of factions.