“What? Abolish the capital gains tax?”
Park Hyeonseop’s campaign headquarters.
Minister Park, who had been listening to the report, asked back as if dumbfounded.
“Yes, sir. It started last night. Candidate Lee personally posted the pledge on social media.”
“What kind of nonsense is that?”
“The idea is to drastically ease the overseas stock capital gains tax, which currently taxes 22% on profits exceeding 2.5 million won. Judging from the fact that he even presented specific figures and dates, he seems serious. Over in their camp, the mood is already to push it as an official pledge.”
Since he could not believe it even after hearing it, Park Hyeonseop confirmed his secretary’s words through several channels.
Every bit of it was true.
Whether he had had a drink at dawn or not, Lee Chanho had put forward a pledge close to abolishing the capital gains tax on overseas stocks. By early morning, it had been listed as one of the camp’s official pledges.
“Hahaha.”
When he had confirmed it all, laughter burst from Park Hyeonseop’s mouth.
“Hahahahahaha.”
It was so funny that tears nearly sprang to his eyes. There was no comedy like this.
The fact that he had posted such a pledge with the legally mandated debate only three days away clearly meant he intended to bring it up then. His intentions were so transparent that Park could not stop laughing.
“He must be in quite a hurry. Did I go too hard on him at the Gangwon convention?”
“Hahaha.”
The aides burst into laughter as well.
The previous Gangwon convention had been Park Hyeonseop’s sealing goal.
Even before the convention began, he had been comfortably ahead by ten percentage points, but to block even the slightest possible variable, he had driven a nail straight into Lee Chanho’s coffin.
As a result, the gap in approval ratings had widened to fourteen percentage points, and if he won a sweeping victory even at the Gwangju convention, the capital of the progressives, it was obvious that Lee Chanho would withdraw early.
“Minister, still, I think we need to prepare for something.”
“Prepare for what?”
“It’s obvious, isn’t it? His transparent intention to unleash populism during the debate. But this kind of thing unexpectedly works well on voters.”
Park Hyeonseop laughed as if it were not worth taking seriously.
“Assemblyman Kim. You’re worrying too much. When your opponent kicks an own goal, all you have to do is wait until he goes to retrieve the ball.”
“But it seems very clear he’s trying to expand his appeal to moderates... Will it be all right to just leave it alone?”
“Yes, it will be all right to leave it alone. He’s saying he’ll lose even the tame rabbits while trying to catch wild ones, so why should we play along?”
Park Hyeonseop was brimming with confidence.
“I still have control of the legally mandated debate. No, if anything, he’s given me one more thing to attack him with.”
“You’re going to turn this back on him?”
“Of course. If he abolishes the capital gains tax on overseas stocks, how will he stop domestic investment funds from flowing out? How will he make up for the shortfall in tax revenue, and what about the resulting exchange-rate changes?”
He had trapped himself.
Whenever the exchange rate had become precarious, the current administration had pointed the finger at retail overseas investors. And now they were going to remove the shackles from overseas stocks altogether... Wasn’t this practically saying they should return to the days of a 2,000-won exchange rate and a KOSPI at 5,000?
“Now that you mention it, that’s true... But why did Prime Minister Lee make this a pledge?”
“When people get desperate, all kinds of nonsense come out of their mouths. It seems their side has already given up on the convention.”
None of the aides could refute him.
With less than three weeks left, how could a double-digit approval gap be overturned? Of course, the Minguk Party did have a history of a candidate polling at three percent beating a candidate polling at thirty percent, but that kind of reversal had had a “wind” behind it from the very first primary.
“Minister. Then do you think Candidate Lee will withdraw midway?”
“It doesn’t seem far off. Still, perhaps because he did some social activism in his youth, he seems to be pinning his hopes on Gwangju, but if I end up being accepted even in Gwangju, they won’t have many options left.”
“Then everything will be decided at the second convention.”
As they said this, the assemblymen glanced at one another.
Victory at the convention was a given, and now the most important topic remained.
“Then, Minister. What do you plan to do about Lee Chanho’s side? Forgive me for saying this, but... in exchange for withdrawing and declaring their support, they’ll certainly ask you to leave them a few nominations.”
“Indeed. But lately, I’ve been settling on one thought.”
“What...?”
“When I don’t even have enough to hand out spoils to our victorious generals, do I really need to take care of the defeated soldiers too?”
The corners of the aides’ mouths began to twitch.
The reason they had joined this line so early was ultimately because of the next nomination rights. Looking after the opposing faction meant dividing up their own faction’s rice bowl, and fortunately, Park Hyeonseop’s answer was very much to their liking.
“That’s right, Minister! Concession only has meaning before the fight. A declaration of support at this point means nothing.”
“Frankly, is that even conceding? If he withdraws midway because he’s behind by double digits, that’s just defeat, isn’t it?”
“Minister, let’s pay them back exactly as much as they did to us. No more, no less.”
The atmosphere in the meeting room grew hotter than ever.
All of this was thanks to the opposition party. They had turned every district except TK into safe territory. Because of that, within the ruling party, the person holding the nomination rights had become more powerful than ever.
“Good. Very good. Haha.”
But just as that pleasant mood continued, an unwelcome guest opened the meeting-room door.
“No, why is Chief Kim here...”
“What is this? Did you come to spy on us?”
As expected, the reaction was anything but ordinary.
The Blue House chief of staff bowed to the campaign staff, then approached Park Hyeonseop.
“Hello, Minister.”
“Yes, hello. But what brings you here?”
“The President has requested a separate meeting with you, Minister. Would your schedule allow for it today?”
Park Hyeonseop grinned.
“Very well, then.”
*
The State Council meeting room at the Blue House.
Kim Sangcheol and Park Hyeonseop sat in the spacious meeting room with only tea between them.
A frightening chill hung over the meeting room, enough to render the warmth of the hot teacups meaningless. The recently overheated atmosphere of the convention was so vicious that one could worry about a party split. In fact, the lawmakers of both factions had already split emotionally, so today’s meeting could be said to be more uncomfortable than a meeting with the leader of the opposition.
“It’s been a long time.”
“Yes, it has.”
“Have you been well?”
“Thanks to you, very well.”
“Come to think of it, I believe this is the first time during my term that I’ve met with you one-on-one like this, Minister Park.”
“Yes, this is the first time we’ve met alone like this.”
“I apologize if you felt disappointed. I was too negligent.”
Minister Park gave an easy laugh.
“Not at all. Is a position only meaningful if we meet in person? Thanks to the pardon you granted me early in your term, Mr. President, I was able to devote myself fully to state affairs.”
“If so, I’m glad. Thank you for saying that.”
After a while of exchanging greetings, Kim Sangcheol spoke in a gentle voice.
“Minister, the reason I asked you here is this.”
“Yes.”
“It is good that our ruling party has recently been receiving heated public attention... but on the other hand, I’ve grown concerned that it may be overheating too much. So I asked to see you because I have a few requests.”
“Yes, please speak.”
Kim Sangcheol smiled bitterly.
He was once again feeling that power had shifted. Minister Park’s attitude was subtly domineering, and all his answers were curt. As if he were dealing with an old man put out to pasture.
“I hope this convention becomes one that speaks of the future, not the past. Digging up every dispute we’ve had among ourselves in the past is in no way beneficial to the party. I’ve said as much to Candidate Lee Chanho, so why don’t we have a more constructive discussion?”
“Oh dear... I hoped you wouldn’t do this.”
“Pardon?”
“Mr. President. What you just said seems a bit dangerous. I, of course, don’t see it that way, but others might think it’s interference in party affairs.”
“Minister Park.”
Park Hyeonseop, who held the hilt of the sword, smiled at ease.
“Are you worried, Mr. President? Are you truly worried about the factions within the party and this overheated atmosphere? Then make a decision. This gap, already in the double digits, can never be overcome. Tell Prime Minister Lee Chanho to withdraw midway and support me.”
“That’s not what I mean. I’m saying that even if you compete, let it be fair competition.”
“Prime Minister Lee also pointed out the sexual misconduct problems of my close associates. How can it be fair competition now? And furthermore!”
Park Hyeonseop’s voice rose.
“I have a great many complaints not only against the Prime Minister, but against you as well, Mr. President. To be honest, the past four years were not worthy of a progressive administration. You said you would revive the people’s livelihoods, so why did you ignore the demands for minimum wage and the unions’ demands? Wasn’t scrapping the nuclear phaseout policy an attack on the previous president? You even inherited that ruinous comfort women agreement, didn’t you? In what sense, exactly, is this administration progressive?”
Kim Sangcheol looked at him and spoke weakly.
“That is regrettable. But the leader of a camp and the leader of a nation cannot be in the same position.”
“That isn’t it. It’s betrayal. To you, Mr. President, our support base was merely a means to gain power, wasn’t it?”
“Minister Park!”
“If that wasn’t the case, then conduct yourself properly even now. The National Pension revision bill! There will absolutely be no reduction in pension benefits. That is something you already declared when you were party leader. And lately Prime Minister Lee has been talking about abolishing the capital gains tax on overseas stocks—since when has a progressive administration pursued tax cuts?”
“...”
“Make all of this disappear and have Prime Minister Lee withdraw voluntarily. That is the only way to suture the conflict within the party.”
The President stared at him for a long while, then spoke.
“The party must understand the pension revision bill. The pension fund cannot keep producing returns like this forever. The side effects of the low birthrate will soon begin in earnest as well. You know that the current structure is not sustainable.”
“And the capital gains tax that fattens the rich?”
“It may sound like an excuse... but after hearing the Prime Minister out, that too seemed like a policy that would actually be more beneficial to ordinary people.”
“Tax cuts are advantageous to ordinary people? Haha. Well, then, I suppose I have no further reason to remain here.”
As Park Hyeonseop rose from his seat, Kim Sangcheol shouted.
“Minister Park!”
Park Hyeonseop left as if he had not heard him, then turned back at the door.
“Mr. President. You have kicked away your last chance.”
“What?”
“If you had apologized to me today and promised a voluntary withdrawal, I would have handed a few nominations to your close associates as well. But... you’ve kicked that away, haven’t you?”
Minister Park spoke with a murderous look in his eyes.
“Then do not expect mercy from me. The last nominations were a massacre. I will use my nomination power exactly as you did when you were party leader, Mr. President. Then, goodbye.”