Estate duty is most moral of taxes ...
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Fret not, estate duty is most moral of taxes
Jan 11, 2006
http://straitstimes.asia1.com.sg/forum/story/0,5562,364195,00.html?
THE Forum has recently been filled with letters arguing the case against estate duty and often questioning its very morality.
It is time to air the counterargument. Many feel that estate duty is, in fact, the most moral of taxes. The individual himself is not affected by the tax, by definition - he is dead when it is levied. Thus its impact during the wealth-development phase of an individual's life is less distorting than other forms of taxation.
The development of wealthy dynastic elites carries with it the risk that meritocracy will degenerate into oligarchy as the elites define and control the measures of merit.
In modern society this is educational attainment, and the potential problem of the best schools becoming dominated by a narrower, wealthier segment of society than is desirable is an issue already well recognised and debated in Singapore.
Singapore actually has a reasonable balance between the normal desire of people to pass wealth to their descendants and the claims of society over its future shape and structure. This is particularly so in the context of a top marginal tax rate of 22 per cent.
Most Asian cultures place a far greater importance on securing wealth for future generations of the family than most Western cultures but it is always worth bearing in mind the words of Andrew Carnegie, one of the leading US 'Robber Barons' of the late 19th century: 'The man who dies wealthy dies disgraced.'
Michael Coleman -
22% of your property goes to govt?
day light robbery???
that means 22% of ur estate goes to govt when you pass on and only 78% goes to ur kids???
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Soon... they will try to convince citizens that giving GST is good for your immortal soul
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There was this article in the sunday times that covered 2 full pages to tell you what you need to know about not paying taxes after you're dead.
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"Until DEATH, will they tax you."
Very simple, don't die in Singapore.
I'd uproot everything before retiring, and all my properties will be elsewhere. -
22% refers to highest income tax bracket.... for assessed income higher than 200K. But the rate is actually now 20%.Originally posted by nightzip:22% of your property goes to govt?
day light robbery???
that means 22% of ur estate goes to govt when you pass on and only 78% goes to ur kids???
Estate Duty is currently 5% for whatever is above the exemption limits of $9Mil for residential property, $600K for cash. -
why do you think our govt is so rich.
tax, tax and tax.
the malaysian govt should learn from them.