Land Sale Profits of HDB/URA/SLA - $20 bil not presented
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If government wants to increase GST or flat prices it should at least release its huge land sale profits for people to decide whether it is suffering a deficit or in need of more taxes and more monies to prevent welfare or bankruptcy.
To our knowledge such extraordinary capital gains from land sales for 2006/7 alone is at a record all-time high for any year at S$6 billion and the total land sale profits are currently standing at least at S$20 billion for the period 1990-2007.
So what is PM Lee talking about at his national day rally - "people complained that CPF interest is too low .." claiming that government has not enough monies to pay higher CPF interests as part of the scheme to help people in building up their retirement nest-eggs.
In making such statements he however does not want to reveal the amount of windfall profits made by the government from land sale and investments on people's surpluses.
So what kind of picture was PM Lee trying to paint ? Is he painting a picture of half-truth that the government has not made monies from the CPF funds or the land sale or the long term surplus investments.
Yet he has to impunity to propose based on such half-truth scheme to commandeer the people's own hard-earned CPF retirement saving at age 55 to help the government in solving its own problems like using taxes to pay part of the medical care for the retirees.
Has the government any divine or human right to confiscate people's own monies or stop them at age 55 as originally promised under the CPF scheme from spending their own personal monies as they like during their twilight years.
Has the government any divine or human right to convert their own retirement monies into miserly annuities (to support the well-to-do long-life richer citizens) to be paid back to them only at age 85, if they are not dead by then.
At least PM Lee should tell people the truth and disclose how much government has been making or has made from using CPF in its various investments in bonds and long-term secured investments of AAA rating before saying that the government is not able to pay the higher interests on their CPF or is subsidising such interests.
It looks like the whole government is being run like the ex-NKF not willing to explain or account for how tax payers monies or surpluses are spent and invested and how much profits from such investments are contributing to the medical subsidy. At least its S$20 billion land sale profits and part of the capital gains from investments of surplus funds can be disclosed before commandeering people's retirement monies for the miserly annuities.
So people are wondering whether what kind of government is this and whether they are still representing the interest of the people any more. -
so what did they do wif the 20bil?? buy sand har?
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Who do you think will ultimately pay for those sand that the Government buy at such high prices ?Originally posted by 4getmenot:so what did they do wif the 20bil?? buy sand har?
Surely, we know that part of the ''20bil'' has gone to pay the Civil Servants to keep them happy and prevent their mouths from ''blowing the whistle'' as to what actually happen to the ''20bil'' that these Civil Servants helped to manage in the ''well written accounting books''.
This is the army of Civil Servants that the Government claimed will produce the ''million man-hours'' before the ''entire accounting' of our reserves can be made known to the late President-Elect Ong Teng Cheong.
Yes, we surely know that part of the ''20bil'' must surely have been used to pay the MILLION DOLLAR annual salaries of the PM and his Cabinet to run a country that is the size of New York City.
Even the Mayor of New York City is paid less, and work with a smaller group of city councillors and administrators that provide all the essential services to New Yorkers.