Understanding Singapore society and the case for increasing taxes for the ultra-rich

In Singapore, there are approximately 2.4 million people who are employed by SMEs – enterprises with annual sales turnover of less than $100 million and a staff strength of less than 200 workers.

This is the essential group of people who make up the middle class – which can be further divided into upper-middle class, middle class & lower-middle class:

1) The lower-middle class are barely surviving living from paycheck to paycheck and some of them living in rental flats.

2) Most middle-class families live in HDBs which are sold on a 99-year lease but still pay property taxes on their flats. Perhaps it is only in Singapore that you would pay taxes on a long-term leased public housing from the government, which were built using tax payers funds in the first place.

3) The upper-middle class own assets, businesses and companies and have a net worth between $1 million to $10 million. Some of these people actually pay higher taxes than the ultra-rich, as their incomes are derived from earnings rather than capital appreciation.

Regardless, the whole of the middle class is being sandwiched with the cost of living increases outstripping the increases in their wage growth – GST, S&CC, electricity tariffs, public transport fares, just to name a few.

What we should be doing is to raise taxes on the multi-millionaires (with a net worth above $50 million) and the billionaires. Capital appreciation tax on investment and speculation properties is another good revenue stream, which would also moderate exorbitant property prices.

There should be about 5000 high net-worth & ultra high net-worth individuals who are attracted to Singapore’s tax haven status.

I do not want free handouts or contributions from these people. I am only asking them to pay their fair share and not to abuse systems by paying lesser tax via tax breaks etc.

Wouldn’t this be better than a GST raise and to charge everyone 9% on purchases on goods & services?

 

Prabu Ramachandran

 

 

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9 Responses to “Understanding Singapore society and the case for increasing taxes for the ultra-rich”

  • TruBlu:

    In $in-kaput,the RICH WILL BE ENRICHED N THE POOR WILL BE IMPOVERISHED.
    Look,we even subsidise a weekend of FUN N FROLIC FOR THE RICH N ALIENS JUST SO TO POLLUTE THE AIR N WASTE FUEL AT THE ANNUAL F1 RACE$.

    We even allow non-sgs to buy landed in SENTOSA where the rich sgs invest in but not on mainland.
    We always jaga the rich sgs’ interests as we are also rich ourselves???

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  • Sinkie:

    A revolt at the polls booth is imminent . . .

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  • Keep an eye on ballot box:

    Sinkie:
    A revolt at the polls booth is imminent . . .

    But who is doing the Polling Agent job?

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  • Harder Truths:

    Let us correct a few things in the post.

    The government and SME’s employ FT first and foremost. SME’s work with the government to bring in more FT to replace $G locals as this benefits the government’s policies to run things at the absolute lowest cost while charging the most possible for any service.

    The FT have become the true middle class and support the ruling class to run $G. They have the real wealth and take it with them when they leave $G to live well in their own countries. This group is smart, cunning and is admired by the $G government.

    $G locals are the lower (or garbage) class. This class does any work that is left over by the FT – like driving taxis – and also makes sure the pappies are voted into power every election. This group spends life working 24/7 and giving their earnings to the government. This group pays the cost of the government through HDB, CPF, IRAS etc. etc., including the wealth given to the FT by the government and SME’s. This group has no balls and is despised by the $G government.

    Multi-millionaires are FT who have bought $G citizenships and are good friends with the ruling party politicians. They make sure the SME’s run as intended and in return the government will help them – like the Hong Kong citizen / $G PR easily escaping when they bring their political agenda into $G. This group is protected and the $G government is happy to do business with them.

    This is the way things are. If $G locals don’t know they are f*cked it does not matter. No one really cares as long as the system works as intended.

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  • Sinkie:

    Can the FT working here convert to Singapore citizenship to take part in elections to vote for the PAP elites so as to preserve the current system favoring FTs; and then when their work stint is over, they revert to the citizenship of their original country, returning to where they come from?

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  • No fun to be poor:

    Sinkiepore is the playground for the elite ruling class and ultra rich. The rich becomes richer.

    A giant bureaucracy has the audacity with $b budget can abuse and humiliate a poor family especially the child for just owing $100 plus. And it does with the full blessing of the man at the top.

    What more can we say?

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  • GST waiver for gold:
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  • Burden the poor,savor the rich:

    There is a limit to everything. You can’t just load tons and tons of peacock feathers onto a cart by considering feathers as light weight. If you do so, you will damage the axle of the cart.
    (Thiruvalluvar the Sage)

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  • George:

    Khaw BW and Tan CJ are part of a regime that burdens Singaporeans with taxes, vote for change and VOTE THEM OUT !

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