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WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - Printable Version

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WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - Levin - 02-11-2021

Tham Yuen-C
Senior Political Correspondent
PUBLISHED 7 HOURS AGO

SINGAPORE - Workers' Party MP Jamus Lim (Sengkang GRC) has proposed imposing a wealth tax of 0.5 per cent to 2 per cent on the most wealthy here, saying that it could help diversify Singapore's revenue sources and also reduce income and wealth inequality.

......

He cited the goods and services tax (GST), which he said affects lower-middle and middle-income families disproportionately, even after taking into account the current GST voucher scheme. The rich account for about 11 per cent of revenue from GST, he added.

......

Prof Lim proposed a tax of 0.5 per cent on net wealth in excess of $10 million, rising to 1 per cent for wealth above $50 million and 2 per cent for wealth above $1 billion


https://www.straitstimes.com/singapore/politics/parliament-wp-mp-jamus-lim-proposes-wealth-tax-of-05-to-2-per-cent-on-the-richest

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - RiseofAsia - 02-11-2021

Too little... At least 5%.

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - Klesk - 02-11-2021

woow,
cannot lah. can tax pay and pay mehh

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - singlon - 02-11-2021

Better keep quiet
Killing the smart not smart
in a world plays dirty

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - RiseofAsia - 02-11-2021

(02-11-2021, 07:47 AM)singlon Wrote:  Better keep quiet
Killing the smart not smart
in a world plays dirty

Even Warren Buffett also mentioned pay too little tax.

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - RiseofAsia - 02-11-2021

https://youtu.be/_IMww7gwIus

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - RiseofAsia - 02-11-2021

https://www.cnbc.com/amp/2019/02/25/warren-buffett-and-bill-gates-the-rich-should-pay-higher-taxes.html

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - A2Z - 02-11-2021

Actually already established as having the biggest laundry machine must tax higher.

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - sgbuffett - 02-11-2021

Will never happen in Singapore

PAP run this as a tax haven for high income and rich.

Compare taxes of rich in Singapore vs other countries...there is a big disparity

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - dynamite - 02-11-2021

Above 10 mil will affect ministers and many elite?

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - RiseofAsia - 02-11-2021

(02-11-2021, 08:17 AM)sgbuffett Wrote:  Will never happen in Singapore

PAP run this as a tax haven for high income and rich.

Compare taxes of rich in Singapore vs other countries...there is a big disparity

You cant use old thinking to challenge the new world.
Need to make changes...This is I- Ching.

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - Stoki - 02-11-2021

The mega rich are usually the unscrupulous type that reside here instead of their home cuntry. They should be taxed heavily

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - lionkingch55 - 02-11-2021

(02-11-2021, 06:04 AM)Levin Wrote:  Tham Yuen-C
Senior Political Correspondent
PUBLISHED 7 HOURS AGO

SINGAPORE - Workers' Party MP Jamus Lim (Sengkang GRC) has proposed imposing a wealth tax of 0.5 per cent to 2 per cent on the most wealthy here, saying that it could help diversify Singapore's revenue sources and also reduce income and wealth inequality.

......

He cited the goods and services tax (GST), which he said affects lower-middle and middle-income families disproportionately, even after taking into account the current GST voucher scheme. The rich account for about 11 per cent of revenue from GST, he added.

......

Prof Lim proposed a tax of 0.5 per cent on net wealth in excess of $10 million, rising to 1 per cent for wealth above $50 million and 2 per cent for wealth above $1 billion


https://www.straitstimes.com/singapore/politics/parliament-wp-mp-jamus-lim-proposes-wealth-tax-of-05-to-2-per-cent-on-the-richest

Make s lot of sense to me.

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - debono - 02-11-2021

(02-11-2021, 08:20 AM)dynamite Wrote:  Above 10 mil will affect ministers and many elite?

Ministers here will not be affected cos they only earn a million plus per annum.....

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - winbig - 02-11-2021

(02-11-2021, 09:32 AM)miketan Wrote:  Zoom in at the photo in the article and take a good look at Janus left neck. See the black gap there? Is this normal?
[Image: janus.jpg]

Shadow

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - winbig - 02-11-2021

(02-11-2021, 09:39 AM)debono Wrote:  Ministers here will be affected cos the earn a remuneration of above 10 million per annum....Therefore they will object profusely..... crying

Where got 10 million per annum? Fake news. I think the old sgtalk closed down because of u.

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - debono - 02-11-2021

(02-11-2021, 09:38 AM)lionkingch55 Wrote:  Make s lot of sense to me.

Even with a high tax for the ultra rich, they still have a lot more to spend.  They are humans, and they don't dine on gold leaf..... Laughing

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - Rainforest - 02-11-2021

(02-11-2021, 06:34 AM)RiseofAsia Wrote:  Too little... At least 5%.

10% la 5% too little

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - starbugs - 02-11-2021

Start with the low-hanging fruit first. Instead of wealth tax, increase property tax for high-end residential properties and non-owner-occupied properties.

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - webinarian - 02-11-2021

Won't happen. They are in that group.  

Many years ago, they raised estate duty waiver amount from 1 mil to 10 mil. They lower income tax for high bracket earners and they introduce gst.   


Obvious.   
.

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - debono - 02-11-2021

(02-11-2021, 09:45 AM)winbig Wrote:  Where got 10 million per annum? Fake news. I think the old sgtalk closed down because of u.

My apologies, there was a error in my mental calculation, I had made amendments on this....... crying

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - sgbuffett - 02-11-2021

(02-11-2021, 09:32 AM)miketan Wrote:  Zoom in at the photo in the article and take a good look at Janus left neck. See the black gap there? Is this normal?
[Image: janus.jpg]

Bro that is just shadow...plse create your own website to post such things....

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - Instinct - 02-11-2021

Well done Jamus. Good start However, unlikely to be accepted by pap as almost all are very rich. For a long time, the public has been urging them to have higher tax rate for those earning >$1 mil but they
kept evading the topic and retain highest tax bracket at $350k. Our rich are not paying enuf tax. Worse is they only keep pushing for higher GST .

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - Rainforest - 02-11-2021

i am very doubtful the tax money collected will be put in good use under those in white

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - Blasterlord2 - 02-11-2021

This should be the way. If we're afraid that the rich will go away because of increased tax then this place is simply not attractive enough.

Ministers always said it is untenable to make this a 'cheap' place so likewise, we must signal to the rich that this place is not cheap, but it carries with it other benefits.

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - talky - 02-11-2021

(02-11-2021, 07:48 AM)RiseofAsia Wrote:  Even Warren Buffett also mentioned pay too little tax.

chinese are by nature more greedy then ang moh

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - [[ForeverAlone]] - 02-11-2021

(02-11-2021, 09:38 AM)Stoki Wrote:  The mega rich are usually the unscrupulous type that reside here instead of their home cuntry. They should be taxed heavily

G20 do mention increase taxes , yesterday PM lee claim " will look into how to change etc come SG " I don't know what he plan to do or just " say only " for the seek attend in G20 anywhere he is just been invited Only.

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - debono - 02-11-2021

(02-11-2021, 12:02 PM)talky Wrote:  chinese are by nature more greedy then ang moh

For the Malays their sound of drum is tak untong, tak untong, for the Indians it is seekit seekit untong, but for the Chinese it is tong tong chiang.... Rotfl Laughing

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - [[ForeverAlone]] - 02-11-2021

come taxes, the KEY is How much Gov cater to help the society THAN FEEDING MORE FOR Themselves as Minister wages, etc you see how much their wages increase. They are " smart " come this don't mention want to increase their wages often

is when going to increase will one shot increase a lot.

RE: WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest - debono - 02-11-2021

(02-11-2021, 12:35 PM)[[ForeverAlone]] Wrote:  come taxes, the KEY is How much Gov cater to help the society THAN FEEDING MORE FOR Themselves as Minister wages, etc you see how much their wages increase. They are " smart " come this don't mention want to increase their wages often

is when going to increase will one shot increase a lot.

The MIW remuneration will be increased by leaps and bounds....even though many here got retrenched or unemployed or underemployed...Haiz. crying crying