Pls either Delay GST 40% increase or increase HDB subsidies.
Reason: cut the benefits of the elites before hurting the poor.
I believe that the elites in SG have it easy in 2 ways:
1. They benefit most from the unlimited concessionary tax rate of 4% instead of 10% on property tax- http://www.iras.gov.sg/ESVPortal/pt/pt_d.1.d.6_what+are+the+claims+available+for+residential+properties.asp
2. They enjoy up to S$900K tax exemption in the computation of estate taxes. http://forums.hardwarezone.com/showthread.php?t=1512965
Adding salt to our wounds:
PAP replies (in riddled speech): “To understand the full extent of public-housing subsidy for new HDB flats, one should be comparing the market value of the flats with the sale prices charged by HDB, rather than look at the input costs of land and building… … … …” http://forums.delphiforums.com/n/mb/message.asp?webtag=sammyboymod&msg=129387.1
I think that it is the strategic interaction of the 2 a/m polices: encouraging the elite to hoard land/ properties (at ‘unlimited’ concessionary tax rates), both for investment as well as for eventual estate tax exemption> it’s this vicious cycle tt drives up land prices.
And why is this miserable situation allowed to perpetuate? Because SLA sells land to HDB ‘pigeon hole builders’ at ‘market rates’, to yield revenue for our PAP govt.
But nobody is perfect and neither can our elites be expected to spot such subtle economic abnormalities; an honest mistake is perfectly forgivable. We can understand the irresistible need to keep up appearances. But how about a little fairness?
You see: we are a small nation and we need to ‘work together’, big daddy said: “Staying Together, Moving Ahead”-
http://www.pap.org.sg/articleview.php?id=589&mode=&cid=25 I voted for them because their manifesto was so wonderful, and I will keep him to his word.
And the spirit of staying together can only be through progressive policies (taxes).
Those who earn more pay more income tax: http://www.iras.gov.sg/ESVPortal/iit/iit-se-a1.1.15+tax+rates+for+resident+individuals.asp ,
Luxurious cars attract higher road taxes.
Those who indulge in song and wine have to pay high taxes.
So why shouldnÂ’t the larger/ pricier palaces, (so dependent on the sweat and blood of our NS men to protect), attract more then the concessionary property tax rate?
And why should the rich be be given S$900K tax exemptions through property tax havens?
Do we really need to rise GST to 7% so soon?
What are the limits to favoring the elite?
The big picture is that PAP govt cannot totally depend on HDB to house a modern nation.
More foreigners (PRs, FT, FW) will influx for jobs and opportunities: will HDB prices increase as private home prices spiral?
80,000 families currently rent from HDB: why so many: because they cannot afford to buy the cheapest flats?
A high housing rental mkt will surely price out SG in the world economy: a lapse we would regret committing.
Yes itÂ’s time for a change; yes itÂ’s time for unity.
May we all afford decent living spaces to build our families?
May we not live off the rent of others.
May we move ahead.