Sylvia Lim has suggested 25% income tax for those earning above $1 million.

[I_Hate_Pappies]

If you have been here long enough, you should know that I am pedantic when it comes to housekeeping but liberal when it comes to content.

You have been placed under moderation so I can review your posts from now on. They will be allowed out of the moderation queue only if you revert to the default font size. I don't mind a variation of font size for emphasis when necessary but not in every single message.

Wahahaha! So funny! Can somebody up Ah Leong on my behalf? i can't up him for the moment. :o

 

[Thick Face Black Heart]

Wahahaha! So funny! Can somebody up Ah Leong on my behalf? i can't up him for the moment. :o

If Leongsam does away with the ridiculous 365-rep cycle rule, I can up him for you. 365 people before you can up the same person again! I can't even reward good posts these days because of this draconian rule.

 

[I_Hate_Pappies]

If Leongsam does away with the ridiculous 365-rep cycle rule, I can up him for you. 365 people before you can up the same person again! I can't even reward good posts these days because of this draconian rule.

Ya lah! If i log in every 2 days, it will takes me 2 years to re up a same nick. Like that where got talent want to join SBF. :(

 

[zhihau]

to pay income tax, one have to earn more than that to incur income tax.

if median income take home is about SGD$2100.00 per month, i.e. gross pay is SGD$2600.00, plus 13th month bonus would chalk up SGD$34,125.00 per year. factoring in an arbitrary figure of 5% unemployment rate, deducting the CPF portion of SGD$6,800.00 and other forms of tax relief and rebates, certainly possible that 50% of the working force need not pay income tax.

 

[Fook Seng]

The rich pay far more in consumption taxes too simply because they consume so much more.

What is the problem of paying a bit more tax (this comes out from their salary anyway) when million dollar earners draw at least 20 times the salary of the average worker? Don't see them working 20 times as hard.

 

[Leongsam]

Ya lah! If i log in every 2 days, it will takes me 2 years to re up a same nick. Like that where got talent want to join SBF. :(

I'll change that once I've revamped the scripts. The 365 rule is a temporary stop gap measure while I deal with clone accounts which were making a mockery of whatever restrictions I was imposing.

At the moment it requires 365 clones with power to do significant manipulation on a daily basis. Once I've finished cleaning out the clones, I'll revert to a more reasonable parameter.

 

[Leongsam]

What is the problem of paying a bit more tax (this comes out from their salary anyway) when million dollar earners draw at least 20 times the salary of the average worker? Don't see them working 20 times as hard.

How do you define "hardness" when it comes to work?

 

[I_Hate_Pappies]

I'll change that once I've revamped the scripts. The 365 rule is a temporary stop gap measure while I deal with clone accounts which were making a mockery of whatever restrictions I was imposing.

At the moment it requires 365 clones with power to do significant manipulation on a daily basis. Once I've finished cleaning out the clones, I'll revert to a more reasonable parameter.

Ok Boss, noted with thanks. I m concerned about the points gap, it will hard for newbies to grow here.

 

[sleaguepunter]

Wahahaha! So funny! Can somebody up Ah Leong on my behalf? i can't up him for the moment. :o

upz ah leong for u.

 

[ZombieFart]

What is the problem of paying a bit more tax (this comes out from their salary anyway) when million dollar earners draw at least 20 times the salary of the average worker? Don't see them working 20 times as hard.

I also don't understand what's the problem.
There is not much change to income tax for first million dollar earned.
The proposed additional tax on second million dollar earned is not even enough to pay for a COE.

 

[I_Hate_Pappies]

What is the problem of paying a bit more tax (this comes out from their salary anyway) when million dollar earners draw at least 20 times the salary of the average worker? Don't see them working 20 times as hard.

I don't see it that way, it's boils down to individual's capabilities. Why penalise one who is more capable in earning more money? I m talking about Employees. However, I would support for more taxes to the Employers. These people set up businesses in Singapore and utilise the resources here, they must pay more.

 

[I_Hate_Pappies]

upz ah leong for u.

Ok! Owe you one, Buddy! Wait till Ah Leong tweaks the system or else up you back 1-2 years later. :p

 

[sleaguepunter]

Ok! Owe you one, Buddy! Wait till Ah Leong tweaks the system or else up you back 1-2 years later. :p

wahaha... no need to repay lah.

 

[sleaguepunter]

if median income take home is about SGD$2100.00 per month, i.e. gross pay is SGD$2600.00, plus 13th month bonus would chalk up SGD$34,125.00 per year. factoring in an arbitrary figure of 5% unemployment rate, deducting the CPF portion of SGD$6,800.00 and other forms of tax relief and rebates, certainly possible that 50% of the working force need not pay income tax.

i think gross pay ard $2000 only, take home less than $1600. i remember iras customer service telling me no need to file tax if gross annual salary less than $25k.

 

[I_Hate_Pappies]

wahaha... no need to repay lah.

I repay you with RWS Grand Jackpot winnings ok?

 

[Fook Seng]

earn how much is consider rich? $500k, $1m, $2m? personally i dun think govt should tax the ppl who work hard for their money. yes, ppl here complain the towkays make their fortune on the back of the poor labourers. It not the fault of the towkays to make full use situation to make money. the govt shd instead set policies to prevent the towkays from exploiting his/her employees. to me, that win win, employee paid a fair wages while the towkay make a profit.I

I think we can stop all this argument about who needs who more by allowing workers to go on strike if they are not happy with their conditions of employment.

 

[Fook Seng]

The median income in SG is close to $4,000 per month so your figure of 60% of Singaporeans paying no tax cannot be true. Where did you get it from?

Is $4,000 per month household or individual income?

 

[Fook Seng]

How do you define "hardness" when it comes to work?

It can only be defined in a relative way. Is the high earner willing to do the work of a low earner and vice versa? I am sure the outcome of this study will be quite conclusive.

 

[jw5]

Aiyah, forget about the additional tax lah, just make Zorro cover up for the shortfall in government revenue.
Any shortfall.

 

[Fook Seng]

I don't see it that way, it's boils down to individual's capabilities. Why penalise one who is more capable in earning more money?

I have worked with these so called "more capable" people. They are actually not that capable. Taxing them a little more will not discourage them from working hard for a good enterprise as long as all enterprises play ball and offer market rate of salary. Their lower after tax incomes only limit them a little in their consumption habits and even that not on the important ones that bring employment to many but things like investment in spare properties that has the effect of pushing up asset prices without bringing in true productive value. In fact appreciating asset prices is a key factor in a growing inflation. On the other hand, taxing employers more, as what you have proposed, has the effect of discouraging investment and bringing down employment.