Higher taxes for the rich among MPs’ proposals to close gaps in society
May 16th, 2023 | 
Author: 
I read with interest the TODAY’s report, “Higher taxes for the rich, mandatory pre-school attendance among MPs’ proposals to close gaps in society” (April 18).
Foremost, if any country’s political leaders intend to care and work for the well-being of their people, they should uplift the life and living standard of its citizens and uproot or curtail the chasm between the rich and the poor, so that the country can progress fast, move towards economic prosperity and achieving the first world standards of economy and democracy. In this context, Singapore should not be an exception.
In due course, we are curious to know how many millionaires or billionaires are there in Singapore?
According to some online sources, there are about 298,650 millionaires in Singapore as at end 2022. And, the number of millionaires in Singapore is expected to hit 437,000 by 2025, an increase of 61.9% from 269,925 in 2020
No to be surprised, 6.1% of the adult population are millionaires, which is out of the Singapore adult population of 4,932,000.
Despite the rising cost of living and being called one of the most expensive cities in the world (in the eyes of expatriates), Singapore is still home to many wealthy people.
Obviously, this group of rich or ultra-rich people almost have one or more than one residential property in Singapore.
Thus, the Government should seriously consider (instead of hesitantly) to impose wealth tax on these large groups of rich residents.
It gives no cause for much criticism for few MPs to suggest that higher taxes on the rich for their properties inclusive of Good Class Bungalows, luxury condominiums, inherited residential homes, luxury cars and country club transfer fees.
Relatively, there are about 262,400 “lower-income” resident workers, whose income are less than $1500 in June 2022 (according to reliable online source).
Thus, it is timely for Associate Professor Jamus Lim, WP MP for Sengkang GRC, for proposing an “official poverty line” which is based on components that go beyond the basic needs of housing and others.
With a poverty line determined, government assistance such as ComCare
will then be able to adjust its thresholds accordingly to help poor
families get the assistance they need.
This also means that a refined system has to be put in place to reduce the need for “burdensome and intrusive” pre-approval scrutiny.
It is one of the effective ways for the redistribution of wealth to the poor in Singapore.
On broadening social support and levelling the playing field for Singaporeans who are not born into wealth, besides focusing upon expanding educational spending or resourcing, such as raising the number and quantum of government scholarships and bursary for the 60 per cent of “each cohort” who do not have access to state resources in the form of a higher education.
Further, the SkillsFuture Credit framework should be horizontally extended to a lifelong scheme for helping our PMETs and low-income earners to continuously upgrade, enrich their expertise and skills, so that they will be able to survive in and irrevocably benefit from this highly competitive and dynamic business world.
Teo Kueh Liang (Mr)
Posted in 
“A lifelong scheme for helping our PMETs and low-income earners to continuously upgrade.”
This is what our first world country has turned into. PMETs and low-income earners are lumped together!
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Better to tax the luxurious goods and expensive items heavily. The Rich can afford it.
Make the ordinary items affordable for the bottom 50% to help them cope living in the most expensive city in the World.
Bring the hawker food price down. Reduce their rentals and utilities costs.
Alternatively increase the payout to the Pioneer and Merdeka Generations who need it.
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Which country don’t have rich people?
HDB also got rich ppl. Just stay in public housing only. Not so class. hahaha….
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A LONG LOOOOOOOONG $HOT INDEED!
HOW TO?
COE FOR RICH,$AME AS POOR FOR DECADE$$$!
A FAMILY CAR SHUD NOT BE LUMPED TOGETHER WITH A *LUXURY* N $PORT CAR FOR TAX PURPOSES,BE IT COE OR OTHERWI$E!
GST IS NOT INCOME TAX.
WHY SHUD JOBLESS N NEEDY SENIORS PAY SAME *LEVEL* OF GST AS THE HIGH-INCOME N SUPER RICH.
PAYING *MORE* IN QUANTUM IS NOT THE SAME AS PAYING THE SAME PROPORTION IN RELATION TO FINANCIAL CAPABILITIES.
IN ANY CASE,THE *SATISFACTION* FROM a BENTLEY IS NOT THE SAME AS A BMW OR A BMW SAME AS A,HUMBLE TOYOTA???
DO MINISTERS GET SAME PAY AS ORDINARY CIVIL SERVANTS LIKE TEACHERS?
SO?
TAX REGIME HERE IS CRUDE N BACKWARDS!
FISCAL POLICIES MUST BALANCE SOCIAL COSTS WITH SOCIAL BENEFIT$ RECEIVED.
IN THIS RESPECT,FOR G TO SAY GST INCREASES
are most EQUITABLE after GRANTING HUGE FURLOUGH$ TO HIGH INCOME WORKERS(SG-PMEs,FTs)when granting only $600 to NEEDY N MORE DESERVING sgs including jobless n seniors is PLAINLY NOT EQUITABLE!
WE ARE IN GRAVE NEED OF REFORMING THE TAX REGIME TO REFLECT EQUITY.
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JL has brought up the social issue numerous times but LHL says there are no poor people. DL and LW both say Public Housing is affordable. They have different lenses from us. They do not share our concerns. What they want is our monies to fund what is termed infrastructure. However if you ask what infrastructure, no PAP will answer. JL suggested the wealth tax instead of GST increase. LW ignored his suggestion. Our monies are used to facilitate the wealthy into Singapore at our costs. As the nos. increase our living costs becomes unbearable. LW thinks, we will be appeased by receiving some bones from his table next month.So that is all the PAP will do. Next year, we will pay another 1% to support the the wealthy.61% must be over the moon with the PAP.
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I doubt the liars will propose higher taxes for the rich.
Who in the world will raise taxes to punish themselves……got the point?
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More BS. To keep the rich here, the employer must subsidise the higher taxes for them – this translates to higher pay or companies may use other benefits to substitute their $$$ losses – like housing, transport and other goodies.
Where does the money come from? From the stupid $inkies they employ of course. You think there will be a rise in $inkies pay? Their pay will go down to compensate for the increase in the rich man’s salary or goodies.
Who wins? The Regime gets more tax $$$. The Rich are still Rich. The $tupid $inkies end up paying for the Rich tax $$$.
Hahaha, $inkies are sooo stupid. Their MP’s are Blur Sotong as well.
But perhaps not – since this comes out as MP’s doing something ‘good’ for the $inkies, but in the end $inkies still get screwed.
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Nothing wrong with that.. everyone, yes everyone regardless of PMETs or not has to continuously upgrade to keep oneself relevant to the time space at that time.
From Windows XP, to Windows 7/8 to Windows 10 and You think PMETs don’t need to upgrade ?
PMETs just stay on Windows XP?
And not just technology evolves. Truck engine are also evolving.. you had euro 5 engine and euro 6 engines.
https://www.motuscommercials.co.uk/what-is-the-difference-between-euro-5-and-euro-6-engines
You truly show the attitude and mentality of all Opposition supporters, lazy and unmotivated. Do nothing except whine day long and expects fish (money) to fall from the sky.
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Even if fish fall from the sky, your greedy masters will set up a bidding system or a law to criminalize fish picking. The same way they criminalize fruit picking.
You pappies blame all problems on citizens. Cannot do job well, quit.
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The KillFuture Tax framework should be horizontally extended to a lifelong scheme for helping our PMETs and low-income earners to continuously upgrade their housing to condominiums, enrich their political masters and sycophants, so that they will barely survive in and irrevocably under perpetual debt from this highly monopolistic and imported foreign ‘talents’ business world.
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The incumbent party is proposing to install new expensive guard rails to stop people from falling over when the ground beneath the latter is collapsing or has collapsed.
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We have a delusional way of handling things. We need a rich president who has handled 500m. As if as the puppet head of state, the individual has the conscience and power to right wrongs from that party. Of course this kind of “dangerous” assignment will never be the focus of the rich.
Take the recent payouts. If you have incomes 20k and below, you get 400. If you have 99k, you get 200. As if those in the 99k range need your 200 at the same level compared to those below 20k. On this land, that party is rich and populist, going into denial modes all and banging those who hold the truths all the time. The whole cabinet is rich and populist. The current president is rich and populist and of course, the next president is the same.
Still want to put out stupid news about effects of overseas voters for the next president.
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The REASON WHY our govt is formulating policies that keep DI$advantaging OUR OWN SGS is FALSE FEEDBACK by bootlicker$ like the PAP IB here.
INSTEAD of telling their master$ the ground situations,these bootlickers,for their own personal gain$,PAINT ROSY PICTURES when the real situations are gloomy on the ground.
What is progress n prosperity for the NATION(OF ALL SGS)?
A JEWEL OR GARDEN BY THE BAY?
LOOK,IB yak about TECHNOLOGICAL ADVANCE BUT EVEN PEDESTRIANS NOW GOT TO SHARE FOOTpaths with CYCLISTS?
AND,EXPENSIVE BTO HDB that have so many defects even before people move in?
And,hospital bed crunch and overwhelming *Q*?
No worries,MAKE IT 15 MILLION.
JUST DUMP MORE FAKE FTs here even when infrastructures are over-stretched!
Technology advance,HIGH TECH?
CANT EVEN PLAN PROPERLY?
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The reason why the rich are willing to park their billions and migrate to Sinkapore is mainly because of the lax taxes. I doubt the party would dare to raise it, forcing the rich to move to Banana Island instead.
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Tax the rich more?
Where is MP TIN.
Where is poor sinkie’s $23.5K grant?
Ah,$600 only received so far,waiting for BALANCE to be credited.
But all the well-to-do including high salaried FTs oredy received more than the $23.5K,Ms Tin.
Can you do something?
Or,you just talking only.
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$1m HDB = No mo reserve.
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$1m HDB = Golden goose no more eggs menopause.
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..”Jailed Angola tycoon fails in bid to have money released from US$558 million Bank of Singapore account..”
…”Buyers from China are snapping up luxury Singapore property at a record rate”
Time to rename the country Sin-Laundry-Pore.
We love dirty money!
We accept from all and sundry.
Even though some of these dirty money sponsor TERRORISM!
Tech: Huat ar! The bank no need to spent the money, just put fixed deposit with another bank 1 year the interest solid solid liao. Eventually, the money will be “gifted” to tha bank.
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The issue with SG is that we don’t have a clear idea of the nation’s accounts. How much is our the reserves? How much is our reserves and CPF utilized by both Temasek and GIC? What is the returns on these investments?
Taxes on the rich, the poor and the ugly just allow the MIWs and their dogs to laugh all the way to the bank. Stop fighting amongst yourselves trying to decide who should shoulder the heavier tax burden. Ask the right question, what are the MIWs doing with our tax revenue. There is no transparency, accountability and integrity in the MIWs in their dealings with anyone else but themselves. Don’t forget this simple fact. Their interest always comes first, not yours or any daft’s.
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E.g. The higher d COEs ($$$), it doesn’t affect the fifty rich ppl, they have d means to pay for buying multiple cars for each family members. For tis group of super rich, nothing can block them. Same goes with purchase of private properties, etc. Therefore, d COE works best for d rich, but d lower ends of our society
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Upgrading (property, skills) is a dirty word in Singapore.
It is an excuse to wring more money out from the populace, while the incumbent party continue to spout nonsense from their mouths like ‘We need to keep some land for people not yet born’.
Already counting chickens before they hatch?
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According to President IX.
Want to be a Govt official, don’t to be super rich or a millionaire.
Want to be super rich and millionaire. don’t be a Govt Officer.
Why our Govt official MPS or Ministers are the world highest paid in govt service to serve the people or to serve because of their bank account.
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I think they are very kind—keeping land for the unborn.
So far sighted.
Esp the Land at RidOut Road.
Some say you can build 5000 BTOs there.
Meanwhile for the next 10 years or so, some lucky fellows are going to enjoy life —heaven on Earth.
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个人所得税税率表
（综合所得适用）
级数 全年应纳税所得额 税率（%） 速算扣除数
1 不超过 36000 元的 3 0
2 超过 36000 元至 144000 元的 10 2520
3 超过 144000 元至 300000 元的 20 16920
4 超过 300000 元至 420000 元的 25 31920
5 超过 420000 元至 660000 元的 30 52920
6 超过 660000 元至 960000 元的 35 85920
7 超过 960000 元的 45 181920
The rich will be screaming. Pain. Pain. Pain.
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From the looks of things, Singaporeans need to look or the exit door. COE will be going up, house prices going higher, etc. This govt is a goner having no idea to make our own country livable for its citizens.
We have a relief valve in the causeway. Start buying houses in JB, prepare to move there by selling our flats and cars etc here. Live well in JB and save lots of money with our Singapore salaries.
There may be temporary problem with the CIQ. With smart planning, the Johor govt will get lots of Singaporeans to move there. They need to improve the clearance at the CIQ os that Singaporeans can conveniently clear the immigration and come back to Singapore daily for work or school or business. They will save lots of money which they can bring back when they are old.
Young Singaporeans should consider. Buy and drive beautiful sports cars, live in nice bungalows, enjoy fantastic food, etc. The Johor govt needs to create an enviornment that Singaporeans can feel at home.
Leave Singapore to the rich Chinese and Indians who are enjoying more privileges than Singaporeans who have to sweat in NS. And of course our ministers can enjoy their black and white bungalows!
This is a sure bet for Singaporeans especially young nes.
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