I Became Park Jeong-ui’s Nephew - Chapter 287



Only Krnovel

He became Park Jeong-ui’s nephew. – (287)

“Capitalism is a world where money makes money, and we call it unearned income. Therefore, most modern capitalists are unearned income earners.”

This is America,

A sensitive topic has once again become a topic of public discussion.

The essence of capitalism is making money with money. What do people think when they look at a world where people who don’t even work collect rent from real estate and financial companies make profits through foreign exchange speculation?

I know it sounds unreasonable, but can you elaborate on how exactly this disrupts the market?

It’s the role of scholars to explain this, one expert said, citing an example.

“Let’s assume there are households A and B with the same wage income.

A and B have the same annual business income of $1 million. A operates in a building that was acquired for free, while B operates by receiving monthly rent ($360,000 per year).

Then, can we calculate that A’s annual income is $1 million and B’s income is $640,000? In a capitalist market, real estate income is calculated by adding potential capital gains and rental income.

“Since A is free from rent, his real income is $1.36 million, and the difference in real income between A and B is not $360,000, but $720,000.”

This is why the government collects unearned income tax,

If the government did not collect the unearned income tax, the actual profit could be more than doubled even if you earned the same amount of money depending on whether you owned real estate or not.

This is why the gap between rich and poor is so wide in the US: The US ‘underestimates’ real estate income.

“I do business in a building that I bought with my own money, so why do I have to pay taxes on it?”

“That’s right. This is not unearned income!!”

If A, who owns real estate, says this, what should the government say?

You’ll nod your head and say, “That makes sense.”

However, in a capitalist market, real estate income is calculated by adding potential capital gains and rental income, so A cannot help but generate income just by owning the building.

In short, it means that real estate owners are making money even if they do nothing. If you say this, people who own a house will object, saying what kind of nonsense that is.

That’s why even the government doesn’t dare to open its mouth.

As a result, the gap between rich and poor in the United States has widened explosively.

Real estate income, which was around $50 billion just 10 years ago, has now grown to $130 billion, and the share of real estate income in household income has also increased from 6.65% to 18.7%.

This means that people who own homes in the US have become that much richer.

As mentioned above, the income gap is widening twofold depending on whether you own real estate or not.

Does that mean the government will impose an ‘unearned income tax’ on its citizens?

In the capitalist market, those who own real estate are enjoying unearned income, and I will never admit it.

This is the irony of the capitalist market,

The gap between rich and poor is widening, but there is nothing the government can do.

Currently, real estate rental income in the United States is approximately $25.3 billion, unearned income from housing is $75 billion, and real unearned income from land and commercial properties is $40 billion.

All together, it amounts to a ridiculous amount of over $130 billion, and if the government were to impose a tax of just 2%, it could collect $3 billion in tax revenue.

Isn’t America making a fuss right now about spending $300 million a year to educate black people?

This problem could be solved by collecting a windfall tax on those crazy real estate prices, but that’s impossible in the United States.

“It’s my building!! I worked hard to raise the value of it!!”

“What has your government done?!! Why are you collecting taxes?!!”

This is why society has no answers.

Isn’t it ridiculous that the United States, which is returning to a capitalist society, is ruined because of unearned income, with the government simply taking out debt and handing it out to the lower classes?

The longer we leave this unattended, the deeper America will sink into the swamp.

Of course, this wasn’t just an American problem.

***

“Your Majesty, please confirm.”

This is Geumneung, and I was looking through the information that came from Daehan Transportation.

The distribution industry is soon to become a real estate rental business, and recently, Daehan Transportation withdrew its business expansion policy and chose to pursue substance, causing real estate income to soar like crazy.

This year, 43% of the surplus income will come from the real estate rental business.

To be more specific, operating profit was 126 trillion won, and 54 trillion won was earned as rental income.

So did Daehan Transportation earn 126 trillion won?

If I put my hand on my heart and say it, the real income is 180 trillion.

This is not a miracle calculation, but the actual economy works like that. How can you report operating profit of 126 trillion when you made 54 trillion by sitting down in the real estate rental business?

For reference, the South Korean government’s annual income (mostly taxes) is about 8 trillion won, and Daehan Transportation can run 6-7 South Korean governments just with its real estate leasing business.

Of course, Korea, the US, Japan, China, etc. are making money worldwide, so these figures came out.

The real estate profits earned in Korea are approximately 7 trillion won.

Still, it’s a huge thing,

So do I have to add it up and pay tax on it?

That’s true, but if you do that, the lynxes won’t stay still.

“Huh? You want to calculate it by adding up the rental income?”

“So you’re going to pay more taxes to the US government too? That’s good to hear.”

The U.S. government will secretly hope so too.

Since they can’t collect unearned income from the people, wouldn’t they just reach out to the easiest corporations?

Even the officials of Daehan Transportation said that it was absolutely not possible.

When I see cases of businessmen who got hit with a tax bomb after making a single mistake with a donation, I sometimes wonder, ‘Do businessmen really have to make sacrifices for the public good?’

“Everyone doesn’t recognize unearned income, right? So why should I?”

“No, if you have a conscience, you should pay a little more in taxes. It’s a whopping 54 trillion won.”

Another relapse of split personality disorder,

As a public official, will I faithfully pay my taxes to the government, or will I close my eyes and line my own pockets?

After much deliberation, I made a decision.

“So, how much tax will I have to pay this year?”

“It’s about 26 trillion won.”

“Oh my~ You pay a lot. You’ll have to pay more taxes in the future, right?”

“Yes, if the current trend continues, we can secure 790 trillion won in 5 years.”

“That much?”

“Yes, as you know, as real estate income increases, corporate profits double, don’t they? Real estate income has increased significantly recently and will continue to increase rapidly in the future.”

“Oh~ That’s right… .”

I stared at the corporate executive.

This guy also had an expression on his face like he had stepped on a landmine, and I didn’t turn a blind eye to that.

“Then shouldn’t I add this up and report my income?”

“Yes? The total?”

“As you said, as real estate rental income increases, doesn’t the company’s profit double? Then, you should take that into account when reporting.”

“No… Your Majesty, that is only possible theoretically.”

“I know that, but if Daehan Transportation is to grow bigger, we need to turn that fantasy into reality.”

Why did Daehan Transportation recently give up its expansion policy and focus on the real estate business?

It’s not that they don’t have money, they just wanted to make a profit right away. Distribution and transportation can generate real estate profits later if they just lay the infrastructure.

Daehan Transportation, which has invested heavily in the U.S. over the past 20 years, also earned 54 trillion won in rental income this year thanks to that.

Then should we reinvest that money or leave it as corporate performance?

The United States is now unable to even touch its unearned income, and as a result, the government is forced to go into debt.

But here, Daehan Transportation takes care of providing the funds?

Government officials will rush in drooling, and Daehan Transportation can use it.

“Let’s take this opportunity to establish a government in the United States.”

“What do you mean?”

“Yeah, it’s not like I can’t do it.”

The concept of a prefecture comes from Chinese history.

A subject who receives full authority from the emperor establishes a ‘government’ within the country.

Zhuge Liang established the ‘Prime Minister’ in Han and Zhong, and the Japanese shogun established the ‘Shogunate’, which is an extension of this. If a single subject can establish a government within a country, how much power does he have?

In a democratic society, the government is merely a governing organization established with permission from the sovereign people.

If you receive support from the people, who are the masters of society, you can establish a government.

So, can’t I establish a government in the United States?

The capital of Daehan Transportation has already surpassed that of the United States, and it can do things that the U.S. government cannot do.

The people refuse to pay taxes to the government, and the lower classes only reach out to the government. What kind of government can this weak organization call itself?

It is also possible to establish a government if the American citizens allow it.

I did something that everyone thought was impossible.

***

[Daehan Transportation paid $2 billion more in taxes than last year]

This is the United States, and the whole world was turned upside down by the actions of Daehan Transportation.

It is a well-known fact that Daehan Transportation makes a lot of money in the United States.

But doesn’t it make sense to pay 4 billion dollars a year in taxes?

However, Daehan Transportation showed off its health by saying that it was just a drop in the bucket.

“We will make over $58 billion in real estate profits in five years. It is only natural that we should pay that much in taxes to the U.S. government.”

America literally turned upside down,

Do you now have a sense of how much capital Daehan Transportation has?

Even the United States has reached a point where it cannot run its government without taxes from Korea Transport, one official even said.

“The US government is no longer a government. It is merely a subcontractor that receives taxes from Daehan Transportation and makes a living.”

“If that’s true, why is the U.S. government relying on a single company?”

“You probably know better than that. The United States has over $130 billion in unearned income this year. But we haven’t been able to properly tax it, and $4 billion in tax revenue is missing.”

Citizens who are furious, saying, “Everyone has become rich, so why are we being taxed on their income?”

American politicians, who had no choice but to be conscious of public sentiment, ended up running the government with debt.

The one who gave a breath of fresh air here was Daehan Transportation, which gave a whopping 4 billion dollars, and the US government started to operate without debt.

So the question here is,

Is it the government or the Korean Transport Corporation that rules America?

Even if Americans deny it, the balance has already been tilted. What can they say when the government is falling apart while they are bragging about not paying taxes?

Eventually, the Americans recognized the Korean Transport Corporation as another ‘department’ within the United States.

‘Just don’t touch our money.’

‘If you pay your taxes voluntarily, we have no complaints.’

Selfishness has even swallowed up the patriotism of Americans.

Not only the general public but also the financial sector is dependent on Korea Express. Without Korea Express, can the American financial system function properly?

Since real estate and finance go hand in hand, it was only natural that Daehan Transportation, which holds American real estate, would hold their lives in its hands.

Is there anything you can’t ask the US government to do?

Then, there was a rumor going around that I should go to Daehan Transportation.

In this way, Daehan Transportation succeeded in establishing another government within the United States.