SG Talk

Only fools will believe him?

Tell him to bring back estate duty....

Is the cabinet ministers wealth taken into account?

(15-10-2021, 01:14 PM)surfer Wrote: [ -> ]Is the cabinet ministers wealth taken into account?

They should be taken into account, cos they are the ones who rake in millions of dollars per annum.....

Talk only for the fools to believe. Only fools will believe increasing GST is to reduce inequality.

adopting Xi's common prosperity?

(15-10-2021, 01:23 PM)Instinct Wrote: [ -> ]Talk only for the fools to believe. Only fools will believe increasing GST is to reduce inequality.

In a way it may be true, if the ultra rich indulge in buying big and expensive items.  But they only make up the     20% of our population.  The GST knows no bound, and all are taxed no matter if you are the 80% who are poor wage earners.....

How come this large issue comes from LW? This involves a tectonic movement and shud come from Pinky. Dun tell me he is the chosen one?.....

(15-10-2021, 01:32 PM)debono Wrote: [ -> ]In a way it may be true, if the ultra rich indulge in buying big and expensive items.  But they only make up the     20% of our population.  The GST knows no bound, and all are taxed no matter if you are the 80% who are poor wage earners.....

The gst conceptually seems like taxing rich to help poor given that rich will pay big ticket items and poor get gst rebates.

But the truth is likely the middle class got squeezed in the balls again. So you see our society you either be super rich or poor. Cos the really poor and underground citizen is the middle class work slave.

(15-10-2021, 02:10 PM)Sticw Wrote: [ -> ]The gst conceptually seems like taxing rich to help poor given that rich will pay big ticket items and poor get gst rebates.

But the truth is likely the middle class got squeezed in the balls again. So you see our society you either be super rich or poor. Cos the really poor and underground citizen is the middle class work slave.

Each time you walk into restaurant and order anything, you likely end up paying for another bowl of noodles for gst. You multiple that for everyday once you paid 30 bowls of noodles. If a noodle of ramen cost min of $12, you paid $360 gst each month and a year it will be $4320.

It is therefore wiser to get the huge middle class to be paying this gst cos it means big earnings. And then you pass some to poor as gst rebates.

(15-10-2021, 02:14 PM)Sticw Wrote: [ -> ]Each time you walk into restaurant and order anything, you likely end up paying for another bowl of noodles for gst. You multiple that for everyday once you paid 30 bowls of noodles. If a noodle of ramen cost min of $12, you paid $360 gst each month and a year it will be $4320.

It is therefore wiser to get the huge middle class to be paying this gst cos it means big earnings. And then you pass some to poor as gst rebates.

Actually this is a very good observation. The idea of GST in Singapore is actually a form of wealth transfer from Middle and Upper Class to Lower Class. For obvious reasons, the government doesn't want to say it too explicitly as this will piss off the vast majority of middle class PMEs, but if you work out the Math it actually makes sense.

For e.g. In 2021 the lower class will get in total GST rebates of $500 (cash) $250 (Medisave for retirees) $595 (u-save for 1-2br HDB). That works out to $1,345, i.e. 1345 / .07 = $19,214 spending that is in effect free of GST. I would imagine most lower income class people spend lesser than $19k p.a. so they basically don't pay any GST (effectively 0%).

The middle class on the other hand will get $475 (u-save for 4br HDB) only so that works out to $475/.07 = $6,786 expenses that are GST free, so this means for middle class household, the first $6,786 per year of expenses are GST free and anything on top 7%. Assuming a middle class household spends $5000 a month, that means they will pay about ($60,000 - $6,786) x 7% = $3,725 which translates to an effective GST of 6.2%.

Upper class basically get no rebates so their GST tax rate is 7% from the first dollar spending.

(15-10-2021, 02:10 PM)Sticw Wrote: [ -> ]The gst conceptually seems like taxing rich to help poor given that rich will pay big ticket items and poor get gst rebates.

But the truth is likely the middle class got squeezed in the balls again. So you see our society you either be super rich or poor. Cos the really poor and underground citizen is the middle class work slave.

You are spot on, my friend.

(15-10-2021, 02:28 PM)maxsanic Wrote: [ -> ]Actually this is a very good observation. The idea of GST in Singapore is actually a form of wealth transfer from Middle and Upper Class to Lower Class. For obvious reasons, the government doesn't want to say it too explicitly as this will piss off the vast majority of middle class PMEs, but if you work out the Math it actually makes sense.

For e.g. In 2021 the lower class will get in total GST rebates of $500 (cash) $250 (Medisave for retirees) $595 (u-save for 1-2br HDB). That works out to $1,345, i.e. 1345 / .07 = $19,214 spending that is in effect free of GST. I would imagine most lower income class people spend lesser than $19k p.a. so they basically don't pay any GST (effectively 0%) whereas the middle and upper class are fronting everything.

The ultra rich here who  spends on homes, cars, jewelry and handbags are the ones who will be paying thru' their noses for these items....and they will be slapped with a large amount to GST.....

so now they greedy..red eye ah..see the rich so rich
want a piece of their pie
say until so nice
want to reduce the gap
by making the rich become porrer by heavy tax

(15-10-2021, 02:28 PM)maxsanic Wrote: [ -> ]Actually this is a very good observation. The idea of GST in Singapore is actually a form of wealth transfer from Middle and Upper Class to Lower Class. For obvious reasons, the government doesn't want to say it too explicitly as this will piss off the vast majority of middle class PMEs, but if you work out the Math it actually makes sense.

For e.g. In 2021 the lower class will get in total GST rebates of $500 (cash) $250 (Medisave for retirees) $595 (u-save for 1-2br HDB). That works out to $1,345, i.e. 1345 / .07 = $19,214 spending that is in effect free of GST. I would imagine most lower income class people spend lesser than $19k p.a. so they basically don't pay any GST (effectively 0%).

The middle class on the other hand will get $475 (u-save for 4br HDB) only so that works out to $475/.07 = $6,786 expenses that are GST free, so this means for middle class household, the first $6,786 per year of expenses are GST free and anything on top 7%.

Upper class basically get no rebates so their GST tax rate is 7% from the first dollar spending.

And why I said the rich don't really foot the gst?

The rich have biz, so their big ticket item goes thru biz and that is expressed as co spending. That actually lower their tax payment on their profits. So while they pay some gst on the surface, they get a kickback elsewhere.

The middle class don't have such a kickback unless you own a biz, can buy nice Porsche and charge to co car but let your wife drive it... Will leave it to the creative accountants and lawyers to come up with other schemes... Lol

And for most part the rich actually may not eat at restaurants cost they love to do marketing and get their maids to cook and serve at home lah. 

Commercialization is to earn and take back all the monies from working class so that they remain as slaves to the rat race. Enjoy.

take a FOOking pay cut first

Start with cabinet members la. Talk is cheap

(15-10-2021, 02:49 PM)wendychan Wrote: [ -> ]take a FOOking pay cut first

(15-10-2021, 02:50 PM)Rainforest Wrote: [ -> ]Start with cabinet members la. Talk is cheap

As I have advocated before, ministers here should set the ball rolling, cos  they are paid very high wages as compared to ministers of other countries...

Trying to distract the failures of gov and the MTF mishandling of COVID...

(15-10-2021, 03:17 PM)Cestlavie Wrote: [ -> ]Trying to distract the failures of gov and the MTF mishandling of COVID...

This tactic is not working, cos in the social media, all their failures are exposed, and many here has an elephant's brain...

You all dun misunderstand LW. His real meaning is, 'need to counter rising wealth inequality through increasing GST'.

(15-10-2021, 01:32 PM)debono Wrote: [ -> ]In a way it may be true, if the ultra rich indulge in buying big and expensive items.  But they only make up the     20% of our population.  The GST knows no bound, and all are taxed no matter if you are the 80% who are poor wage earners.....

The problem is that the ultra rich ppl  keep accumulate their wealth without spending much of their $$$ or asset.
The economy needs spending to move.
Otherwise the MAS needs to print more $$$ to boost the economy. This is the main reason inequality starts.

If the ultra rich ppl dont spend. Tax them jialat jialat and distribute some their $$$  to help the poor to spend...

This was what Trump and Ah Xi are doing.

Helping ppl is the best deed(大善举) in life. But many ultra rich ppl dont know....
They think a person success is judged by how many zeros($$$) they have. But this is not the case. All these paper $$$ cannot bring to the next life. If you are ultra rich till you uplorry in this life Your next life will be ultra poor.
A smart ultra rich person will donate out most of his/her $$$ or asset to help more people before he/she leaves this world.
A person success is actually judged by how many ppl he/she has helped so far...

(15-10-2021, 03:28 PM)RiseofAsia Wrote: [ -> ]The problem is that the ultra rich ppl  keep accumulate their wealth without spending much of their $$$ or asset.
The economy needs spending to move.
Otherwise the MAS needs to print more $$$ to boost the economy. This is the main reason inequality starts.

If the ultra rich ppl dont spend. Tax them jialat jialat and distribute some their  $$$  to the poor to spend...

This was what Trump and Ah Xi are doing.

Helping ppl is the best deed(大善举) in life. But many ultra rich ppl dont know....

The ultra rich here, needs to buy big  ticket items, and pay high GST, so that govt. coffers can be filled. The giving of rebates to the poorest of the of the poor is a good scheme...

TAXES?

Income tax rates. No wonder after 10 years, income inequality is still an issue.

Using GST. Where even the poor are punished when they buy essentials that form a large portion of the earnings and the GST rebates hardly help because Ministry of Family & Social is not transparent about it.

What has been done with $11Billion GST collected less $236 Million disbursed via Comcare in 2019/2020? What happened to the remaining $10 Billion??

https://www.tnp.sg/news/singapore/comcar...040-people

I would suggest educating people to be responsible and financially stable before having children, or even getting married.

Also with less commitments it is less daunting to start a business.

(15-10-2021, 04:18 PM)debster Wrote: [ -> ]I would suggest educating people to be responsible and financially stable before having children, or even getting married.

Also with less commitments it is less daunting to start a business.

One important reason why our young ones are not married and producing babies is that the cost of living is high.  Also, because of the pressured school system will discourage them to procreate.  Hope our govt. is aware of this and  note the falling birth rates of it's citizen...

(15-10-2021, 04:29 PM)debono Wrote: [ -> ]One important reason why our young ones are not married and producing babies is that the cost of living is high.  Also, because of the pressured school system will discourage them to procreate.  Hope our govt. is aware of this and  note the falling birth rates of it's citizen...

Superman doing his part by getting bisexual and then eventually going gay.