Sylvia Lim has suggested 25% income tax for those earning above $1 million.

[Leongsam]

First of all, if you think that those who are successful are because they all put up hard work etc, you have got to be kidding. If hard work equals success, then those who pick tea leaves are considered successful. Many got rich and 'successful' because they are help either by the system one way or another or at the expense of others.

There's no point working hard for someone else. That's a one way street to nowhere. You have to work hard for yourself if you want to become wealthy. I've been advocating this since day one of this forum and even before.

Yes the rich pay more even in a flat tax system but a plate of mee goreng cost much higher to those who earn less and considered negligible to those who earn obscene amount. Tax should be progressive.

The rich pay far more in consumption taxes too simply because they consume so much more.

Do you have any idea how much the tax component is in the price tag of a Ferrari in Singapore???!!

A model that costs $450,000 in NZ is a whopping $2 MILLION in Singapore. This means that more than $1.5 MILLION is taxes that are used to run the country.

The notion that the poor shouldering the tax burden while the rich are getting away scott free is simply ludicrous.

I'm fully aware that Singaporeans tend to be ignorant but I'm flabbergasted at the extent of the ignorance that pervades this forum and the country as a whole.

 

[rusty]

There's no point working hard for someone else. That's a one way street to nowhere. You have to work hard for yourself if you want to become wealthy. I've been advocating this since day one of this forum and even before.


The rich pay far more in consumption taxes too simply because they consume so much more.

Do you have any idea how much the tax component is in the price tag of a Ferrari in Singapore???!!

A model that costs $450,000 in NZ is a whopping $2 MILLION in Singapore. This means that more than $1.5 MILLION is taxes that are used to run the country.

The notion that the poor shouldering the tax burden while the rich are getting away scott free is simply ludicrous.

I'm fully aware that Singaporeans tend to be ignorant but I'm flabbergasted at the extent of the ignorance that pervades this forum and the country as a whole.

Nobody is suggesting the rich is getting away scott free.
Don't you think the tax rate they are paying is low comparing to other developed countries?
What's wrong with paying a few percentage more when they can afford?

 

[Kinana]

The notion that the poor shouldering the tax burden while the rich are getting away scott free is simply ludicrous.

I'm fully aware that Singaporeans tend to be ignorant but I'm flabbergasted at the extent of the ignorance that pervades this forum and the country as a whole.

You are absolutely correct. Most Singkies and ignorant and shallow, even those with degrees, masters or even PhD.
Thats why when you present the facts n logic to them, they will get stuck and go into outrage and refuse to get into debate anymore.

 

[Leongsam]

you have no answer to his second part?

Because it's so wide off the mark that it would take me a long time to explain and I can't be bothered.

However, I'll give you a hint... many countries tax the rich far less than Singapore does and that includes Switzerland which many Sinkies seem to want to emulate with the promised Swiss standard of living.

The wealthy residents in Switzerland currently pay an annual tax of only 5x the estimated rental value of their property so an F1 driver who earns 20 million Euros a year can end up paying less than 500,000 Euros per annum in taxes. That's the reason why Michael Schumacher is a resident of Switzerland.

There is pressure to increase that to 7x the rental value but that is still way less than taxes that would have to be paid in Singapore.

 

[rusty]

You are absolutely correct. Most Singkies and ignorant and shallow, even those with degrees, masters or even PhD.
Thats why when you present the facts n logic to them, they will get stuck and go into outrage and refuse to get into debate anymore.

Honey,
You are smart you don't get fucked here for nothing
Sam will be rewarding you soon

 

[scroobal]

This debate very quickly ended up with 2 sides taking the opposite ends of the tax argument which typically is the case. One interesting thing about hardcore "capitalist" is that you find them in countries such OZ, NZ, UK, Canada, etc where the taxes are high and the the socialist ethos runs thru the politics of the country.

You will never see Capitalist moving to the Philippines where 7 families control the politics and the economy of the country and they have no socialist framework or high taxes.

.

 

[Leongsam]

You are absolutely correct. Most Singkies and ignorant and shallow, even those with degrees, masters or even PhD.
Thats why when you present the facts n logic to them, they will get stuck and go into outrage and refuse to get into debate anymore.

For the last time I am ordering you to use standard fonts for your messages or you'll be placed in moderation.

 

[Leongsam]

Nobody is suggesting the rich is getting away scott free.
Don't you think the tax rate they are paying is low comparing to other developed countries?
What's wrong with paying a few percentage more when they can afford?

Many developed countries tax the rich less than Singapore does. The tax may appear to be larger up front but tax laws allow them to offset earned income against losses in other areas so a bit of clever accounting means that they actually end up paying less.

In Singapore, all salaries are taxed at source.

People have to learn to see the whole picture before passing judgement. The devil is in the details.

 

[winnipegjets]

Of course it's punishment. The rich owe society nothing. It is society who owe the rich for the opportunities the wealthy create.

If there was no society, there would be no opportunity for the rich to exploit. And business never costed the externalities that they created. Years later, it is the taxpayers that have to pay the bills to tackle the externalities.

 

[enterprise2]

This debate very quickly ended up with 2 sides taking the opposite ends of the tax argument which typically is the case. One interesting thing about hardcore "capitalist" is that you find them in countries such OZ, NZ, UK, Canada, etc where the taxes are high and the the socialist ethos runs thru the politics of the country.

You will never see Capitalist moving to the Philippines where 7 families control the politics and the economy of the country and they have no socialist framework or high taxes.

.

I can imagine what a PAP minister will say to this debate. " Tax too much and you will destroy the motivational ethos that makes this country great and tax too little and u widen the income disparity between the rich and poor...So we must judiciously ..pick our way...blah blah blah!" See! I also can be ministar!!

 

[winnipegjets]

maybe next time when i want to give an increment to a junior staff.
what i will do is simply ask those high earners to take a pay cut and then channel the money to pay those low earners.
save me the trouble of thinking how to increase revenue for the company so that everyone benefits..

You could do that if your high earners will let you get away with not sharing the bigger pie with them.

 

[rusty]

Many developed countries tax the rich less than Singapore does. The tax may appear to be larger up front but tax laws allow them to offset earned income against losses in other areas so a bit of clever accounting means that they actually end up paying less.

In Singapore, all salaries are taxed at source.



People have to learn to see the whole picture before passing judgement. The devil is in the details.

I like the clever accounting part. Don't you think it is also used by PAP to trick the lower income but in this case end up paying more?

 

[Kinana]

For the last time I am ordering you to use standard fonts for your messages or you'll be placed in moderation.

Better still, ban me outright cos I will stick to my fav fonts.
Even better still, ban or put into moderation those who use vulgarities.
What for you tolerate vulgarities and not my beautiful fonts?

 

[enterprise2]

There's no point working hard for someone else. That's a one way street to nowhere. You have to work hard for yourself if you want to become wealthy. I've been advocating this since day one of this forum and even before.


The rich pay far more in consumption taxes too simply because they consume so much more.

Do you have any idea how much the tax component is in the price tag of a Ferrari in Singapore???!!

A model that costs $450,000 in NZ is a whopping $2 MILLION in Singapore. This means that more than $1.5 MILLION is taxes that are used to run the country.

The notion that the poor shouldering the tax burden while the rich are getting away scott free is simply ludicrous.

I'm fully aware that Singaporeans tend to be ignorant but I'm flabbergasted at the extent of the ignorance that pervades this forum and the country as a whole.

Actually with regard to the Ferrari eg, I wonder how many Ferrari and their likes are registered under company cars so the owners get the company to pay for them and they get to drive for free!!

 

[Leongsam]

That's the whole point. The rich have the option to consume what they want to consume. The poor don't. If the rich is complaining about the amount of tax for his/her Ferrari, then go buy a Proton.

And that is exactly why everyone wants to be rich... because it opens up so many more options.

Why do the poor queue up every week for a chance to win Toto?.. because they want options that's why.

When the rich exercise their options, they have to pay for the privilege in the form of $1.5 million dollars is they want a Ferrari. If they buy a Proton, the money is left in the bank so they earn interest instead and society is poorer to the tune of $1.5 million in tax take.

The poor should be happy that the rich spend bucketloads. It helps everyone and creates jobs. Not everyone can service a Ferrari. The rich don't have a clue how to do their own servicing so they'll pay good money to those who keep their car in tip top condition for them. The more rich people there are in a country, the better it is for everyone as it opens up opportunities for the rest of us to relieve them of their millions.

 

[Leongsam]

Actually with regard to the Ferrari eg, I wonder how many Ferrari and their likes are registered under company cars so the owners get the company to pay for them and they get to drive for free!!

I own a company. I used to register my car under my company. I reverted to private ownership with my latest purchase.

Nothing is free. You either pay with your left pocket or your right pocket. With a company registered vehicle, I'd save a small amount annually if I drove more than a certain number of km. In the end, it wasn't worth the trouble.

 

[rusty]

For the last time I am ordering you to use standard fonts for your messages or you'll be placed in moderation.

Sorry Boss, my Honey is young and playful I'll teach her tonight.


Honey,
Don't cry hor...sayang...sayang.
I'll be home early tonight and give you something special

 

[enterprise2]

I own a company. I used to register my car under my company. I reverted to private ownership with my latest purchase.

Nothing is free. You either pay with your left pocket or your right pocket. With a company registered vehicle, I'd save a small amount annually if I drove more than a certain number of km. In the end, it wasn't worth the trouble.

U will sing a different tune if you are paid a "out of this world salary" and given a company car as "perks"!

 

[Leongsam]

U will sing a different tune if you are paid a "out of this world salary" and given a company car as "perks"!

Company car perks are taxable too under the FBT rules so there is no gain whatsoever.

Tax departments aren't run by idiots. They cover all bases and if there are loopholes, I can guarantee you that they'll be closed in no time.

For goodness sake know what you are talking about before you shoot your mouth and that applies to 90% of the members here who have a habit of talking through their arse holes.

 

[cass888]

In Singapore, you get taxed at the full value of the "perks" while the company does not get any deductions.

U will sing a different tune if you are paid a "out of this world salary" and given a company car as "perks"!