Kim Yong-beom mentions the need to normalize real estate taxation

Kim Yongbeom, the Blue House policy chief, said on the 20th that the Korean economy is in an “alltime boom,” and stated that holding taxes and capital gains taxes need to be adjusted so this trend does not overly flow into the real estate market. In a Facebook post, Kim said that major indicators such as stock prices, corporate profits, tax revenue, and the current account balance are improving, and assessed that this boom is real. However, he predicted that in the second half of the year, real estate buying sentiment could revive again due to consumer recovery, wage increases, and inflows from export payments. He emphasized that if the fruits of the boom flow into unearned real estate income, the growth effect may not last long, and that policies are needed to connect fiscal capacity and corporate profits to young people, vulnerable groups, and future industries.