Raise taxes on the Rich - in Singapore

[shctaw]

Rich people are rich for a reason. They usually made their money from business, stock markets, properties etc.

Lot of investment they do is tax free. Example Singapore property profit has no capital gain tax.
Stock market also no capital gain tax unless you book your profit under a company name.

When come to business ; there are 101 ways to "avoid" tax. (not invading tax, avoid is legal) Example reducing of finish goods; mark down closing stocks value etc. Business can declare loss to bring forward the loss into new financial year.
Rich people even can claim back 7% GST on anything they buy. (example iPhone, Macbook Pro)
Hence whatever rich buy; it is cheaper than what the poor/middle class pay.

Tax itself is design to tax the masses. (middle class and poor)
Increasing tax will cause middle class to be poorer as they cannot avoid tax due to "salary" the company declare for them.

A tax increase will not hurt the RICH at all. It only hurt those whom are "not so rich"

 

[Charlie99]

In this time and era of Singapore's history, we are still looknig for MNC to bump up your economy ? That is so rotten. Our govt believe in trickle down effect from the rich. That is to assume that the rich will invest more if they are tax less. This argument is flawed. Reason being, if they are already rich, the wealthly ones will always wants to get richer at the expense of the poorer and the under-privilege.

Singaopre boost to have the lowest income tax in the World, but when you add on the indirect tax. We are paying even more or equal then the citizens from 1st World nation. We do not have a social system.

Back to the topic, when the trickle effect does not work. The govt will always cut the tax contribution from the rich even more believing that the rich will invest more money. That is obviously the case here in Singapore. Take a look at the estate tax, they just abolished it without a debate at all. Take a look at out employment market, the 3rd world nation's citizens flooded Singapore. Which 1st world nation open their ass so big and welcome them with open arms ?

May be you are confused or made a typo re: boost vs boast

 

[enterprise2]

Rich people are rich for a reason. They usually made their money from business, stock markets, properties etc.

Lot of investment they do is tax free. Example Singapore property profit has no capital gain tax.
Stock market also no capital gain tax unless you book your profit under a company name.

When come to business ; there are 101 ways to "avoid" tax. (not invading tax, avoid is legal) Example reducing of finish goods; mark down closing stocks value etc. Business can declare loss to bring forward the loss into new financial year.
Rich people even can claim back 7% GST on anything they buy. (example iPhone, Macbook Pro)
Hence whatever rich buy; it is cheaper than what the poor/middle class pay.

Tax itself is design to tax the masses. (middle class and poor)
Increasing tax will cause middle class to be poorer as they cannot avoid tax due to "salary" the company declare for them.

A tax increase will not hurt the RICH at all. It only hurt those whom are "not so rich"

The debate on this thread tells me one thing. Its not easy to raise taxes on the Rich - whether it is US or Singapore. The tax increase suggested - in the US we are talking 5%, should be miniscule and they probably 'waste' that kind of money anyway on a regular basis ....but the heat and debate generated is tremendous. From a person who is not Rich, I find this quite dis-tasteful. Tells me what the Rich will use whatever clout they have...and politicians will probably kow-tow to them to avoid any tax increase....better to tax the masses first before you touch my wealth. The worst thing is that we even have the non Rich defending them (see all the arguements in this thread) - Sorry I am making the assumptions that most do not earn $400k annually.

 

[watchman8]

The debate on this thread tells me one thing. Its not easy to raise taxes on the Rich - whether it is US or Singapore. The tax increase suggested - in the US we are talking 5%, should be miniscule and they probably 'waste' that kind of money anyway on a regular basis ....but the heat and debate generated is tremendous. From a person who is not Rich, I find this quite dis-tasteful. Tells me what the Rich will use whatever clout they have...and politicians will probably kow-tow to them to avoid any tax increase....better to tax the masses first before you touch my wealth. The worst thing is that we even have the non Rich defending them (see all the arguements in this thread) - Sorry I am making the assumptions that most do not earn $400k annually.

It has to be a global effort to nap the tax evading rich bastards. The us and eu are on it to close the gap on these rich Scrooges. Sinkieland is provide a safe harbor for Uncle Scrooge, but eventually us and eu will zoom in their focus here when they are done with Switzerland.

 

[enterprise2]

It has to be a global effort to nap the tax evading rich bastards. The us and eu are on it to close the gap on these rich Scrooges. Sinkieland is provide a safe harbor for Uncle Scrooge, but eventually us and eu will zoom in their focus here when they are done with Switzerland.

Yeah...its downright dis-tasteful. The Rich are Rich NOT because they are experts in evading taxes. I don't resent their wealth...I am sure most of them deserved it.....but what I resent is that they try to evade their responsibility in taking a higher tax burden...the monies involved they probably won't blink an eye if they lost it in the stock market or casino table.

 

[ray_of_hope]

The worst thing is that we even have the non Rich defending them (see all the arguements in this thread) - Sorry I am making the assumptions that most do not earn $400k annually.

Interesting observation you make. Your point in the highlighted portion reflects why much will never change in Singapore. It suggests people will only fight for their own self interests and not others. This is unlike many other countries. In the US, for example, Warren Buffet has openly said that he welcomes being taxed more.

Over the past few days I was chatting to a Sporn who returned for the holidays and I said to him, "Over here no-one will stand up for you. In other countries if you are a victim of something or other there will always be people from other demographics who will stand up for you. But not over here. Never over here."

When you set out an argument where you feel people should fight for their own self-interests instead of people commenting on an issue dispassionately even if it goes against their own interests, then you can be assured that your particular mindset is commonplace throughout the island.

 

[streetsmart73]

LONG TERM INVESTMENTS - the longest possible returns & payment, say in a 100 years! that is long term.

hi there


1. bro, have you forgotten this too?
2. buy hi sell low hoh

 

[Charlie99]

Interesting observation you make. Your point in the highlighted portion reflects why much will never change in Singapore. It suggests people will only fight for their own self interests and not others. This is unlike many other countries. In the US, for example, Warren Buffet has openly said that he welcomes being taxed more.

Over the past few days I was chatting to a Sporn who returned for the holidays and I said to him, "Over here no-one will stand up for you. In other countries if you are a victim of something or other there will always be people from other demographics who will stand up for you. But not over here. Never over here." (emphasis)

When you set out an argument where you feel people should fight for their own self-interests instead of people commenting on an issue dispassionately even if it goes against their own interests, then you can be assured that your particular mindset is commonplace throughout the island.

That is a very state of community in Singapore, where there are too many who are too busy and in a rush to make a living or make more money, and accordingly, rightly or wrongly, has no time to stand up for himself/herself and others.

 

[enterprise2]

Interesting observation you make. Your point in the highlighted portion reflects why much will never change in Singapore. It suggests people will only fight for their own self interests and not others. This is unlike many other countries. In the US, for example, Warren Buffet has openly said that he welcomes being taxed more.

Over the past few days I was chatting to a Sporn who returned for the holidays and I said to him, "Over here no-one will stand up for you. In other countries if you are a victim of something or other there will always be people from other demographics who will stand up for you. But not over here. Never over here."

When you set out an argument where you feel people should fight for their own self-interests instead of people commenting on an issue dispassionately even if it goes against their own interests, then you can be assured that your particular mindset is commonplace throughout the island.

I can understand if people fight for their own self interests for survival. I will do so too. But when you are rich and you have all you need, then maybe its time to put others before self. I can't stand it when Rich people use their clout and deprive others when there is no need to do so. Eg is the scholarship issue. The Rich can jolly well afford the university fees so why grab the scholarship bursury. Remember the case where LKY says that he can't help it when people offer him 2 eggs instead of the normal one - same eg, the Rich and Powerful will always draw special privileges because of who they are...even if they never ask for them. Question is should they take advantage of them. Same here with taxes. The Rich should offer to pay more taxes like Warren Buffet and not fight tooth and nail to avoid it.

 

[Kinana]

Robbing the rich to give to the poor is a dumb idea and had been proven disastrous time and again.
Warren Buffet is so silly. His income from investment had already been taxed at the corporate level and it is simply not true that he is not paying taxes. Besides, if he feel he want to be generous, there is nothing to stop him from donating to the poor is there? Same goes for all of us. If you want to be generous, be genrous with your own money, don't be generous with other people's money whom you robbed from.

 

[batman1]

I can understand if people fight for their own self interests for survival. I will do so too. But when you are rich and you have all you need, then maybe its time to put others before self. I can't stand it when Rich people use their clout and deprive others when there is no need to do so. Eg is the scholarship issue. The Rich can jolly well afford the university fees so why grab the scholarship bursury. Remember the case where LKY says that he can't help it when people offer him 2 eggs instead of the normal one - same eg, the Rich and Powerful will always draw special privileges because of who they are...even if they never ask for them. Question is should they take advantage of them. Same here with taxes. The Rich should offer to pay more taxes like Warren Buffet and not fight tooth and nail to avoid it.

Well,here some PAP ministers who are rich banker's son or nephew also fight for overseas scholarships with ordinary citizens.What u going to do about it ? Lan lan nothing.This is call maximum exploitation of a nation's wealth.

 

[shctaw]

http://www.zerohedge.com/news/2013-01-01/putting-americas-tax-hike-perspective

USA done a great job.....

 

[enterprise2]

Well,here some PAP ministers who are rich banker's son or nephew also fight for overseas scholarships with ordinary citizens.What u going to do about it ? Lan lan nothing.This is call maximum exploitation of a nation's wealth.

That's why I am for raising taxes for the rich. The reason is not that I want to spoon feed the undeserving poor. My attack is the undeserving and exploitative rich. I have nothing against them for their lambos or Posches or their Sentosa coves homes because they r competing against themselves. But once they compete with the masses and use their wealth for advantage, then they deserve a red card.

 

[Einfield]

You can't buy prestigious President Scholar, it's no longer about money. That's why they wanted it.

Well,here some PAP ministers who are rich banker's son or nephew also fight for overseas scholarships with ordinary citizens.What u going to do about it ? Lan lan nothing.This is call maximum exploitation of a nation's wealth.

 

[enterprise2]

You can't buy prestigious President Scholar, it's no longer about money. That's why they wanted it.

I think U can take the scholarship without the money. That is if they want to.

 

[Leongsam]

The Rich should offer to pay more taxes like Warren Buffet and not fight tooth and nail to avoid it.

The corporate tax rate in NZ is 28%. This means that for every $1000 profit, I have to pay $280 to help support some loser low life scum who can't be bothered to get a damned job because they prefer to help themselves to money extorted from successful and hardworking members of society.

I therefore do my best to minimise my tax burden by increasing company expenditure to reduce my tax exposure.

For example, If I go for a holiday, I'll arrange to meet a few potential customers at the same time so I can write off the air fare and a portion of the accommodation expenses, car hire, meals and so on.

Before the end of each financial year, I'll try to spend as much of my profit as possible on causes that I support and on people I know who deserve the money. My aim is to achieve ZERO profit before accounts close so I don't have to pay a single cent to those damned welfare recipients. If they want money, they should work for it just like everybody else. If they can't be bothered, they should be left to face the consequences of their own tardiness. They certainly aren't getting a freakin cent from me.

 

[ray_of_hope]

The corporate tax rate in NZ is 28%. This means that for every $1000 profit, I have to pay $280 to help support some loser low life scum who can't be bothered to get a damned job because they prefer to help themselves to money extorted from successful and hardworking members of society.

I therefore do my best to minimise my tax burden by increasing company expenditure to reduce my tax exposure.

For example, If I go for a holiday, I'll arrange to meet a few potential customers at the same time so I can write off the air fare and a portion of the accommodation expenses, car hire, meals and so on.

Before the end of each financial year, I'll try to spend as much of my profit as possible on causes that I support and on people I know who deserve the money. My aim is to achieve ZERO profit before accounts close so I don't have to pay a single cent to those damned welfare recipients. If they want money, they should work for it just like everybody else. If they can't be bothered, they should be left to face the consequences of their own tardiness. They certainly aren't getting a freakin cent from me.

Well done! Such wonderful initiative and go-getter attitude.

 

[singveld]

I agree with you, especially in singapore, there are jobs for anyone who wants one, only those losers who are choosy are jobless. Best not vote for opposition, they are after the poor votes, therefore they are throwing them some bones. Once they get into power, they will reverse and go after the rich people and fill their pocket with money. Just like PAP.

The corporate tax rate in NZ is 28%. This means that for every $1000 profit, I have to pay $280 to help support some loser low life scum who can't be bothered to get a damned job because they prefer to help themselves to money extorted from successful and hardworking members of society.

 

[Leongsam]

This shows an example of the sort of scum my tax dollars go to. They do nothing for society and can spend days, even weeks organising protests and disrupting the lives of those who need to earn an honest living.

If benefits were withdrawn from all these sods, they'd be forced to go to work in order to put food on the table. That's what the rest of us have to do.

 

[enterprise2]

The corporate tax rate in NZ is 28%. This means that for every $1000 profit, I have to pay $280 to help support some loser low life scum who can't be bothered to get a damned job because they prefer to help themselves to money extorted from successful and hardworking members of society.

I therefore do my best to minimise my tax burden by increasing company expenditure to reduce my tax exposure.

For example, If I go for a holiday, I'll arrange to meet a few potential customers at the same time so I can write off the air fare and a portion of the accommodation expenses, car hire, meals and so on.

Before the end of each financial year, I'll try to spend as much of my profit as possible on causes that I support and on people I know who deserve the money. My aim is to achieve ZERO profit before accounts close so I don't have to pay a single cent to those damned welfare recipients. If they want money, they should work for it just like everybody else. If they can't be bothered, they should be left to face the consequences of their own tardiness. They certainly aren't getting a freakin cent from me.

Presume your company not listed otherwise no profits share price will nosedive. A lot of SMEs behave like this, no profits but owners draw expenses. Good if u don't intend to take it to listings