The Business Times: Singapore sits moodily atop wealth pole

[Fook Seng]

IRD goes industry by industry. It's the same in most countries.

If you don't declare your income voluntarily, they will make their own estimation and tax you accordingly. Then it is up to you to object and show proof. For some, like hawkers, they will send someone down to do a spot check, count the number of eggs over a period for a char kuay tiow for example and form their estimate.

 

[Windsor]

fug man.... I been whacking all the liberal bleeding hearts left right center..... still stuck @ 13 pts.... can I ask for some handout and subsidy or notch....???
....



Lim laopeh almost 600 Posts liao still stuck @ 13 pts..... kenna zap by all the IBs....

is this fair and equitable or notch ???? where is the welfare ??? where is the subsidy ???




didnt Nietzsche write about the ubermensch... i am too dumb to draw the connection ... prease enlighten

Let me say that it is not the message you give but the way you present the unpalatable. Couch your words in a way that does not offend the sensitivities of others. We are here to debate on issues that is dear to us and politics or religious debates sometimes do grate on those with different POV's. You too might also feel the same so look in the mirror. Walk away if angered and come back and reply after cooling down. My 2 cents.

 

[Thick Face Black Heart]

You can't take wealth with you when you check out so what's the point . The PAP should forget about trying to create wealth. It brings neither happiness nor contentment.

The PAP should concentrate instead on creating a just and fair society where everyone is provided with the basic health care, a good education, a pension in old age and an environment where everyone wakes up in the morning looking forward to a fulfilling and meaningful day ahead.

Simplistic and wrong.

The government of any country must foster entrepreneurship, constantly pursue policies that maximize job creation, build sound infrastructure for economic and social activity, and establish laws that protect property and individual rights. These are the conditions that lead to what we term "wealth creation" at a national level. Wealth creation (in addition to border security, law enforcement, and management of international relations) is the fundamental responsibility of every government. To ask a government to "forget about wealth" is a contradiction to the very basis of governance.

The PAP should create an economic climate where each Singaporean has a fighting chance, not the current situation where monopolies are not only condoned but fostered, where property owners squeeze out small time hawkers and businessmen with exorbitant rentals. Reagan's "trickle down" economic works only to some extent. The government must proactively level the playing field by keeping its prying hands out of private enterprise and actively stamping out economic rent-seeking wherever it occurs.

The issue is not just about waking up each morning and feeling fabulous. It is about living in a just society where all stratas of the economic scale are taken care of equally.

Indeed basic health care and education is the responsibility of the govt. But beyond that the govt has many other duties to its citizens, and part of those duties include fostering a democratic, fair, and free market economy for all participants from the simple taxi driver to the big CEO.

 

[Thick Face Black Heart]

similarly ... once you even use a single cent of reserve,,, you will never have the end of it.... this is the failure of LHL ... using the reserve to subsidize wage cost in 09...

Bro, I think the govt has already approved 50% of NII to be used for each year's current budget. The golden goose is still intact -- not to worry -- but some of the investment dividends can be channeled into the annual budget.

The idea that once you spend reserves, you are done for, is an LKY idea. It is ok to spend very prudently, when there is an economic crisis such as in 2008/09. Once the crisis is over you can top back up again from the budget surplus.

That's what the reserves are for -- for a rainy day.

 

[Thick Face Black Heart]

Nobody is saying that Singapore should run an account deficit. All I'm saying is that there is absolutely no need to accumulate such a HUGE surplus almost every single year.

By all means set a target for a very comfortable amount of reserves. However, once that target is reached, surely a bit of money can be spent helping the less fortunate amongst us. These people aren't strangers. They are fellow Singaporeans and they need our help. The govt can facilitate this process is a formalised manner so that the down-and-out can regain their dignity and contribute to the economy at the same time.

Big surpluses are OK. The PAP has however gone to such an extreme as to be totalitarian and ridiculous. More can be done for the needy, aged and those suffering from chronic illnesses. Healthcare is one area that is in shambles because all the focus has been on cost, not on the people's needs.

By all means accumulate large reserves, I'm all for it. Just remember to use the investment returns to help those in need. The PAP has gone to a ridiculous extreme of chronic hoarding to the point of being nonsensical.

 

[zhihau]

If you don't declare your income voluntarily, they will make their own estimation and tax you accordingly.

lottery winnings are taxed if i'm not mistaken?

 

[zhihau]

By all means accumulate large reserves, I'm all for it.

something still bugs me.
nevermind the size of our reserves for a moment, but it seems to me that every individual had a price tag and every project planned for always had this question in mind: is it worth it?
the govt. must learn to see that the nation is akin to a living organism, well evolving on its own.
did anyone asked why is our hair and finger nail growing? what purpose does it serve? why is it that our dead skin cells keep dropping and why does the intestinal lining keeps replacing?
a bit of wastage is inevitable when it comes into an organism of its own.

 

[ChaoPappyPoodle]

The fact that there is so much secrecy over the wealth of PAP MPs and their closeknit cronies should show that Singapore's figures in the report should be more skewed towards an unhealthy imbalance between rich and poor. Our gini -coefficient also backs this up.

 

[Thick Face Black Heart]

something still bugs me.
nevermind the size of our reserves for a moment, but it seems to me that every individual had a price tag and every project planned for always had this question in mind: is it worth it?
the govt. must learn to see that the nation is akin to a living organism, well evolving on its own.
did anyone asked why is our hair and finger nail growing? what purpose does it serve? why is it that our dead skin cells keep dropping and why does the intestinal lining keeps replacing?
a bit of wastage is inevitable when it comes into an organism of its own.

Your analogy is quite apt, considering that the Marina Barrage is like a vagina.

Minimizing wastage (a good thing in itself) however is not the main problem. The main problem is unfair policies that favour the top 10% and neglect the bottom 30%.

 

[brocoli]

Let me say that it is not the message you give but the way you present the unpalatable. Couch your words in a way that does not offend the sensitivities of others. We are here to debate on issues that is dear to us and politics or religious debates sometimes do grate on those with different POV's. You too might also feel the same so look in the mirror. Walk away if angered and come back and reply after cooling down. My 2 cents.

just trying to spoof the handout system.... why so serious ???

 

[Windsor]

just trying to spoof the handout system.... why so serious ???

Apologies if it is a tongue-in-cheek. Members such as yourself do contribute and deserve to receive recognition which unfortunately is not given in the politics section. Also your style is very confrontational which sometimes might grate on certain members' sensitivities. Just ignore me if my comments are unwarranted.

 

[palden]

On matter what we are having 84 more than 1 mil Millionster.

 

[Leongsam]

Also your style is very confrontational which sometimes might grate on certain members' sensitivities.

The confrontational style is the best. It suits this forum perfectly.

 

[palden]

Rich people don't know why poor people are poor. Poor people don't understand why rich people are rich.

 

[Fook Seng]

lottery winnings are taxed if i'm not mistaken?

If it is about the winnings, it is not. They tax the operators, the takings from these draws. In addition they have to pay income tax from their profits. Complicated stuff.

 

[Windsor]

If it is about the winnings, it is not. They tax the operators, the takings from these draws. In addition they have to pay income tax from their profits. Complicated stuff.

True, I collected my first price and 3rd prizes 4D without any tax nor have need to declare.

 

[kingrant]

Sam, you're not consistent. Elsewhere in this forum, you said reserves are great, and the S'pore govt is right to build up huge reserves blaah blah..

Are you senile?

Nobody is saying that Singapore should run an account deficit. All I'm saying is that there is absolutely no need to accumulate such a HUGE surplus almost every single year.

By all means set a target for a very comfortable amount of reserves. However, once that target is reached, surely a bit of money can be spent helping the less fortunate amongst us. These people aren't strangers. They are fellow Singaporeans and they need our help. The govt can facilitate this process is a formalised manner so that the down-and-out can regain their dignity and contribute to the economy at the same time.

 

[Fook Seng]

By all means accumulate large reserves, I'm all for it. Just remember to use the investment returns to help those in need. The PAP has gone to a ridiculous extreme of chronic hoarding to the point of being nonsensical.

Accumulating reserves for rainy days or to stabilize the currency is OK so long as there is a good way to re-invest the money. If the reserves become a bundle for the government to handle, then the bulk of it should be returned to the citizens (keeping just enough to hold off a deep recession or to stabilize the dollar), maybe not in the form of straight cash but in form of subsidies for housing, which could still stay as an asset, or tax incentives, or into their CPF accounts which they can withdraw under certain rules or as stocks in good quality companies, over a number of years. Very much like what public listed companies do in reducing their capital when they have no good way to re-invest the money. By the careful return of this money to the people, the clueless will have assets in their own names to hold, while the well-informed can re-invest it into the economy, or to start some business whatever.

 

[Leongsam]

Sam, you're not consistent.

I'm simply debating issues. Debate doesn't require consistency. It requires rebuttal of points raised.

I can't argue from an opposing viewpoint if I'm expected to adopt the same stance in every single thread. My participation would then be limited only to threads with a predominantly anti-PAP flavour.

 

[bullfrog]

Sounds more like that is the trait of a troll or arguing for the sake of arguing! Lol!

I'm simply debating issues. Debate doesn't require consistency. It requires rebuttal of points raised.

I can't argue from an opposing viewpoint if I'm expected to adopt the same stance in every single thread. My participation would then be limited only to threads with a predominantly anti-PAP flavour.