GST to be raised to 7%
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Our government is so stingy only raise til 7%. i can't wait for they to raise to 10%. GST = GDP dun u all know that. the more they raise the more money we will get when election come.Originally posted by curryman:I cant wait for the GST hike
So that people will know how to vote wisely in the next GE
I strongly support the government to raise to 10% for next yr budget. -
An interesting paragraph from a book.
Abstract from Economics of the Public Sector by Joseph E. Stiglitz:
Government's ability to compel individuals' support of public goods, however, may also enable it to compel individuals' support of special interest groups: it can force one group to give up its resources to another group. Such forced transfers have been likened to theft, with one major difference: Transfers through the government wear the mantle of legality and respectability conferred upon them by the political process. When political process in a country becomes detached from the citizenry and is used to transfer resources to the groups in power, the distinction between taxation and theft becomes blurred at best.
These issues were of critical concern to the founders of the United States. The rebellion that became the Revolutionary War is often dated to the Boston Tea Party, which was motivated by the conviction that unjust taxes were being levied on the colonies. The slogan "Taxation without representation is tyranny" provided one of the central motifs of the revolution. Distinguishing between the legitimate and illegitimate uses of the power of taxation is a matter of continual contention. -
I think gst should increase to 6% instead of 7%. After all the government should use the devil's number (6) instead of god's number (7).
Maybe when casino open they might want to drop it to 6%. But what goes up never comes down.
Also I think if gst increase, crime rate will also increase? -
No matter how 'wisely' you vote.... There is always some 'manipulation' behind the scene.... SSSSHHHH!!Originally posted by curryman:I cant wait for the GST hike
So that people will know how to vote wisely in the next GE
I didnt say that ar?
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Posted this in Chit Chat but thought I should post it here too...
GST, like capital gains tax, is designed to target the wealthy, non-working population - think retired baby-boomers. Our demographics is shifting in the coming decades (aging population) so the tax system must adjust to distribute the tax burden more evenly. Without GST, the tax burden would have to fall entirely on a smaller percentage of younger workers, resulting in higher income tax for them.
So who suffers most from GST? People who are retiring now without enough savings. Put simply, Singapore will not be a nice place for poor people who don't or can't work...
Who is to blame? Errmm... us i guess, or people like me, who didn't listen to the government all these years and produce 3 babies to fund my retirement
Wonder why the MIW didn't just come out and explain this plainly. Maybe because they are depending on all those poor retirees for their votes? Someone ought to explain this to them. -
007%, die today or die another day?
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Originally posted by googoomuck:007%, die today or die another day?
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If 2007 GST become 7%.
I think it is a matter of time before it will be 9-10% range.Originally posted by flooderx:Our government is so stingy only raise til 7%. i can't wait for they to raise to 10%. GST = GDP dun u all know that. the more they raise the more money we will get when election come.
I strongly support the government to raise to 10% for next yr budget. -
they are looking to increase the GST to 10% within the next 10 yearsOriginally posted by CPTMiller:If 2007 GST become 7%.
I think it is a matter of time before it will be 9-10% range. -
I think most likely within 3-5 years time.Originally posted by soul_rage:they are looking to increase the GST to 10% within the next 10 years
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Originally posted by FireIce:they flushed all the 1-cent coins when it was 5%......
saying tt 1-cents are no longer required.........
now they going to re-produce them?
Like FI had said above. They're just always saying and doing things for the sake of so....Originally posted by NUS_Superst@r:PM like never say why must increase to 7%?
Because GST was originally 5%. Increasing it directly to 10% (2 times) would definitely cause too many uproars. So they re-deploy what they did for the 3% to 5%. They make it 7%. Probably so that they can use the reason for 'convenience' sake, mark it up to 10%. It's like giving you one direct stab or cutting the dagger into you bit by bit... Everything's probably planned and systematically lay out.
Telling people that Singapore need more $ and reserve, increase GST. Then yet on the other hand, pulling out the $ supposingly for 'reserve' to become part of ever-increasing absurd pay. At the same time throwing peanuts at the bottom rank civil servants so that the public's anger would be at those poor chaps instead of the top cream. Because that's the lousy mentality of most Singaporeans. When they can't 'hantum' people at the top, they just anyhow 'hantum' people at the bottom. That's why they're on top. Watch clowns stab each other at the bottom... By the time they're truly rich and powerful enough, it won't matter what the people say... With the kinda money, they'll be most welcomed in many places in the world.
It's just like starting casino and telling people that they're watching over and taking precautionary steps against it... They've already well anticipated that it'll become a social problem. As usual, these are just 'buffers' to minimise anger display. They've long knew that gambling can be a great source of income for them. Just look at Singapore Pool and Singapore turf club. Look at the 4Ds, Toto and Big Sweeps.... You think these are regulatory controls? -
Bluntly put across.Originally posted by Panache1976:Posted this in Chit Chat but thought I should post it here too...
GST, like capital gains tax, is designed to target the wealthy, non-working population - think retired baby-boomers. Our demographics is shifting in the coming decades (aging population) so the tax system must adjust to distribute the tax burden more evenly. Without GST, the tax burden would have to fall entirely on a smaller percentage of younger workers, resulting in higher income tax for them.
So who suffers most from GST? People who are retiring now without enough savings. Put simply, Singapore will not be a nice place for poor people who don't or can't work...
Who is to blame? Errmm... us i guess, or people like me, who didn't listen to the government all these years and produce 3 babies to fund my retirement
Wonder why the MIW didn't just come out and explain this plainly. Maybe because they are depending on all those poor retirees for their votes? Someone ought to explain this to them.
With those type of sh|ts going on... NOBODY can safely say if they work hard enough now, they'll be guaranteed a certain level of retirement in the future.... Just look at the older generations after they've contributed... You plan, invest and save for your retirement now... Do you know how much tax you might be paying in the future to keep up...? Can you even foresee...? Do you even DARE imagine...?
I personally think no one is truly safe from all the sh|ts... Not unless they're MIW maybe? -
Note. A country without a stable gahment is bad for the citizens and investors. But a gahment without stable policies can be equally bad. -
GST will increase again... AFTER the next electionOriginally posted by CPTMiller:I think most likely within 3-5 years time. -
Eh but hor if i not wrong is last time GST 5 % now is 7% so if we calculate 2/5X100=40% so GST is actually the GST rise is 40% of what what is used to be..But then though rise in GST i like never hear companies or government give workers more pay to cope with the rise only some people only..
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an idiotic decision that is not going to benefit anyone but the PM only knows how to enjoy with his salary increase
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I prefer increasing GST over income and corporate tax.
It is indeed a fairer tax because it tax consumption, the more you spend, the more you pay. Those hawkers and tuitors who don't pay taxes will end up paying as well. Thats fair. -
The question is not your preferenceOriginally posted by Mat Toro:I prefer increasing GST over income and corporate tax.
It is indeed a fairer tax because it tax consumption, the more you spend, the more you pay. Those hawkers and tuitors who don't pay taxes will end up paying as well. Thats fair.
The question is, is it necessary to increase the GST.
Our revenues are healthy
Our economy is stable
What is the reason for GST increase?
I don't see any good justification so far -
increased public works, increase defence and increased welfare subsidies.
All these need to be paid for. If they don't increase GST, they will need to increase duties, personal and corporate taxes. -
we have more than a hundred billion in the reserves.Originally posted by Mat Toro:increased public works, increase defence and increased welfare subsidies.
All these need to be paid for. If they don't increase GST, they will need to increase duties, personal and corporate taxes.
where is there a need to increase gst? -
Yes there is. Reserves are what they are, for rainy days. The govt is being responsible. Our salaries are rising, there are record numbers of millionaires, why not the reserves?
The reason why you protest the GST is because you do not understand how it works. The net effect of GST will help increase competitiveness in a society and help the economy to grow. Thats why GSTs are inplemented all over the world. In fact, if we have a flat tax, ie full GST and no personal income tax, the economy will grow even further. -
for rainy days?Originally posted by Mat Toro:Yes there is. Reserves are what they are, for rainy days. The govt is being responsible. Our salaries are rising, there are record numbers of millionaires, why not the reserves?
The reason why you protest the GST is because you do not understand how it works. The net effect of GST will help increase competitiveness in a society and help the economy to grow. Thats why GSTs are inplemented all over the world. In fact, if we have a flat tax, ie full GST and no personal income tax, the economy will grow even further.
kindly define what constitute rainy days in singapore's context.
gst actually increase competitiveness?
the govt of countries that do not implement gst must be damn stupid. -
Don't you remember we had a recession and govt gave out 11 billion at a go?
Can you guarantee there will be no more recessions?
Can you guarantee no more terrorists attacks on new york? -
Yeah and not forgetting we had a pay increase for the government. Of course we need to fund their pay raise.Originally posted by Mat Toro:Don't you remember we had a recession and govt gave out 11 billion at a go?
Can you guarantee there will be no more recessions?
Can you guarantee no more terrorists attacks on new york?
Welldone! -
The minister's pay are truely justified.
How can our pay rise and not the people who run the country so well?
The GST will help Singapore to be more competitive. The people who complained about it are simply ignorant of fiscal economics.