Daily Lessons from Life 21 November 2017 - Tax increases?

"Singapore set for tax hike: What could it be and when?

SINGAPORE: A rise in the goods and services tax (GST) is one way the Government could raise revenue to finance the country’s spending needs, though economists are divided on when that could happen if this option was pursued.

The taxman could also be mulling a further rise in “sin” taxes or having duties on digital goods and services.

These predictions come after Prime Minister Lee Hsien Loong said on Sunday (Nov 19) that raising taxes will be inevitable as the Government makes investments in the economy and on infrastructure, as well as spending on social services and safety nets.

Mr Lee, who was speaking at the PAP convention, reiterated that Finance Minister Heng Swee Keat was right when he said that raising taxes is not a matter of whether, but when, although Mr Lee also stressed the Government has enough revenue for the present term.

In February’s Budget, Mr Heng hinted at a possible review of the tax regime, citing expectations for Singapore’s expenditure needs to rise rapidly, particularly in healthcare and infrastructure.

The former, for instance, has seen yearly spending over the last five years more than double to around S$10 billion and will likely keep rising as Singapore’s population ages."

So it will come. The tax hike!! Hopefully it will not burden the poor n the average houshold. 

If it is GST, hopefully it will encourage careful n prudent consumption n result in "lower GST rebenue"!! Also the poor n needy will get GST voucher or year-old to cancel the GST!!

Next will be reinstating the estate duty n tax the rich when they passed on n pay estate duties to rebalance the wealth distribution!! Maybe even do a retrospective inheritance n estate duties to late Mr LKY's time as his estate duty should be substantial!!

After that is to tax the richest people in Sgp n hope they r happy to do so like many of the rich Americans r doing - an honour n pleasure to pay personal income tax!!

Oh, since we plan to growth the top line, perhaps we can do something with the cabinet salaries - fixed n variable - to reduce it n lower the expenses!!