Increasing GST is just PAP digging their own grave in the long run.
More GST means citizens will have much less money and be poor in own country and probaby reveal PAP double speak of considering the increase in wealth taxes https://www.channelnewsasia.com/sin...elook-fiscal-strategies-lawrence-wong-2246646 but increasing GST prematurely in knee jerk manner instead.
Two very detrimental socioeconomic increased GST consequences intuitively follow. Immediately and enduringly destructive on the Singaporean morale and the economy, which will require extreme propaganda and grandstanding to maintain /sustain.
#1, HDB and other subsidies will become so absurdly high that recepients migrate or make SG a ponzi city, or a banana republic where most are on food stamps (utilities, conservancy, healthcare, CDC vouchers and rebates are already permanent handouts), just to prevent property prices collapsing due to demand collapse or debt.
#2, civil service or gahmen contractor (handouts operations like PIC credits, skill future vendors etc) corruption cases will fly over the moon in frequency or quantum and make PAP look absolutely stupid, e.g. https://www.straitstimes.com/singap...ed-14-years-over-40-million-skillsfuture-scam
Thus, due to the present PAP government whose judgement is clowded by greed, (LHL billionaire newly minted citizens he sent his EDB junket crew (or equivalent) abroad to recruit) and wealthy citizens will by then have to contribute much more steeply, cos the damage of increasing GST, would have worsened further by then.
Which could cause civil unrest due to cultural/ wealth tensions between low cost foreign talents which cheapo billionaires demand importing and gahmen need to keep the local worforce convinced of their citizenship status when they are obviously getting usurped on home soil.
Most of Singapore is already on an equivalent of food stamps of sorts if utilities and conservancy charges need assistance to pay for, as 80% of population lives in leasehold (LH) public housing HDB flats where subsidies for utilities and conservancy charges accrue to all users. GST credits and CDC vouchers are foodstamps in all but title in fact.
And these new age tech billionaires like Elon Musk but younger also are biggest influences and social media users (owners) will certainly be quite shocked at the new wealth taxes by the time they are announced and arrive at their senses at how opaque the PAP gahmen actually is. In protest, they will each probably cut up their Singapore pink IC on FB/IG/tictoc/twitter livestream and create a news sensation world wide, cos that's how the tictoc world works now.
Like those who jumped onto the Bitcoin bandwagon, did PAP choose to increase GST just to convince billionaires here that their wealth was safe from wealth taxes?
Rudderless and clueless PAP is grasping for straws and has betrayed the natives by placing at the feet of billionaires, whom the PAP considers the silver bullet to solve all of Singapore's economic problems.
PAP has allegorically sold out the national wealth to buy bitcoin to balance the Singapore budget.
The most obvious and ostentatious flaunting or exploitation of wealth loopholes is in the ownership of freehold (FH) property for the benifit of one's dynasty and the disparity between FH and LH private properties will only grow wider as citizens discover that the miracle of perpetual HDB price appreciation was just fake news to deceive the masses to vote the incumbent all along. Like a woman betrayed by an adulterous husband, there will be no love lost between citizens and the PAP government in a land where the most ostentatious flaunting and exploitation of wealth is tax free because more billionaires are always needed to make jobs (to keep the people engrossed).
By then, those genXYZ who actually migrated or have permanent residency abroad, would say that they knew Singapore was just another Asian city under military rule, with just a wee bit more wealth (due to the side LKY took during the cold war).
And a Singapore with a weakened social compact, will be a political football for everyone else in this world.
Postscript /Reference:
Tycoons and even the USA embassy freeriding by holding the freehold land titles in perpetualty, tax free. https://www.todayonline.com/singapo...hold-land-face-extra-poser-seeking-collective
These tycoons are actually quite penny wise and pound foolish, because, if they are smart, they would realise that paying their fair share of wealth taxes on their holdings, would stabilise Singapore society, because the land value depends on the social compact and longevity of Singapore society. If Singapore becomes war torn, banana republic or even a vassal state, then their land titles would be worthless/ invalid by then.
More GST means citizens will have much less money and be poor in own country and probaby reveal PAP double speak of considering the increase in wealth taxes https://www.channelnewsasia.com/sin...elook-fiscal-strategies-lawrence-wong-2246646 but increasing GST prematurely in knee jerk manner instead.
Two very detrimental socioeconomic increased GST consequences intuitively follow. Immediately and enduringly destructive on the Singaporean morale and the economy, which will require extreme propaganda and grandstanding to maintain /sustain.
#1, HDB and other subsidies will become so absurdly high that recepients migrate or make SG a ponzi city, or a banana republic where most are on food stamps (utilities, conservancy, healthcare, CDC vouchers and rebates are already permanent handouts), just to prevent property prices collapsing due to demand collapse or debt.
#2, civil service or gahmen contractor (handouts operations like PIC credits, skill future vendors etc) corruption cases will fly over the moon in frequency or quantum and make PAP look absolutely stupid, e.g. https://www.straitstimes.com/singap...ed-14-years-over-40-million-skillsfuture-scam
Thus, due to the present PAP government whose judgement is clowded by greed, (LHL billionaire newly minted citizens he sent his EDB junket crew (or equivalent) abroad to recruit) and wealthy citizens will by then have to contribute much more steeply, cos the damage of increasing GST, would have worsened further by then.
Which could cause civil unrest due to cultural/ wealth tensions between low cost foreign talents which cheapo billionaires demand importing and gahmen need to keep the local worforce convinced of their citizenship status when they are obviously getting usurped on home soil.
Most of Singapore is already on an equivalent of food stamps of sorts if utilities and conservancy charges need assistance to pay for, as 80% of population lives in leasehold (LH) public housing HDB flats where subsidies for utilities and conservancy charges accrue to all users. GST credits and CDC vouchers are foodstamps in all but title in fact.
And these new age tech billionaires like Elon Musk but younger also are biggest influences and social media users (owners) will certainly be quite shocked at the new wealth taxes by the time they are announced and arrive at their senses at how opaque the PAP gahmen actually is. In protest, they will each probably cut up their Singapore pink IC on FB/IG/tictoc/twitter livestream and create a news sensation world wide, cos that's how the tictoc world works now.
Like those who jumped onto the Bitcoin bandwagon, did PAP choose to increase GST just to convince billionaires here that their wealth was safe from wealth taxes?
Rudderless and clueless PAP is grasping for straws and has betrayed the natives by placing at the feet of billionaires, whom the PAP considers the silver bullet to solve all of Singapore's economic problems.
PAP has allegorically sold out the national wealth to buy bitcoin to balance the Singapore budget.
The most obvious and ostentatious flaunting or exploitation of wealth loopholes is in the ownership of freehold (FH) property for the benifit of one's dynasty and the disparity between FH and LH private properties will only grow wider as citizens discover that the miracle of perpetual HDB price appreciation was just fake news to deceive the masses to vote the incumbent all along. Like a woman betrayed by an adulterous husband, there will be no love lost between citizens and the PAP government in a land where the most ostentatious flaunting and exploitation of wealth is tax free because more billionaires are always needed to make jobs (to keep the people engrossed).
By then, those genXYZ who actually migrated or have permanent residency abroad, would say that they knew Singapore was just another Asian city under military rule, with just a wee bit more wealth (due to the side LKY took during the cold war).
And a Singapore with a weakened social compact, will be a political football for everyone else in this world.
Postscript /Reference:
Tycoons and even the USA embassy freeriding by holding the freehold land titles in perpetualty, tax free. https://www.todayonline.com/singapo...hold-land-face-extra-poser-seeking-collective
These tycoons are actually quite penny wise and pound foolish, because, if they are smart, they would realise that paying their fair share of wealth taxes on their holdings, would stabilise Singapore society, because the land value depends on the social compact and longevity of Singapore society. If Singapore becomes war torn, banana republic or even a vassal state, then their land titles would be worthless/ invalid by then.
