1st day of Budget Debates on 2018 Budget...
1. Many MPs cautioned abt using the accumulated National Reserve
Q. How much is enough n prudent?
Q. Is the estimated or rumoured USD1Trillion correct? If not, do we know how much it really is?
Q. what is the worst case scenario when in 2 yr the 1T National Reserve gets wipe out by 50% or 60% or 100%? Will it even happen if risk mgt is well executed?
2. Some said can adjust the NRIC% in "special time" to more than 50% as exceptions. This one came fr WP MP Pritam Singh apparently.
Q. can the parliament accept this? N if so, what r the conditions to apply this exception?
3. One said Land Sales proceed should go to the National Reserve instead of current budget while Pritam said can use some of it (certain %) as the PAP MP argued that land is a finite resources of Sgp.
Q. all state lands r 99 yrs lease. The land will be rollover n is never ending unless the gov is changing the temure of leasehold land to freehold n unlimited!?
Also note that in reality the government allowed top up of 99yrs leasehold land as long as it wants to n the developers r willing to pay! So, this limited resource argument is flawed!!
4. the questions NOT ASKED YET
a. why no estate duty to redistribute old wealth?
b. why do we forgo wealth n Luxury tax just because they will only give little amount? should not every cent count if u need tax revenue?
c. funding healthcare cost has to be fr the pooled risk insurance approach n not on pure budget funding to be sustainable. So why do we keep saying we need state fund besides those already set aside for the Pioneer Generation?
Hope that MORE MPs will ask MORE PENETRATION QUESTIONS instead of just echoing what the Fin Minister had said in the next few days!!
1. Many MPs cautioned abt using the accumulated National Reserve
Q. How much is enough n prudent?
Q. Is the estimated or rumoured USD1Trillion correct? If not, do we know how much it really is?
Q. what is the worst case scenario when in 2 yr the 1T National Reserve gets wipe out by 50% or 60% or 100%? Will it even happen if risk mgt is well executed?
2. Some said can adjust the NRIC% in "special time" to more than 50% as exceptions. This one came fr WP MP Pritam Singh apparently.
Q. can the parliament accept this? N if so, what r the conditions to apply this exception?
3. One said Land Sales proceed should go to the National Reserve instead of current budget while Pritam said can use some of it (certain %) as the PAP MP argued that land is a finite resources of Sgp.
Q. all state lands r 99 yrs lease. The land will be rollover n is never ending unless the gov is changing the temure of leasehold land to freehold n unlimited!?
Also note that in reality the government allowed top up of 99yrs leasehold land as long as it wants to n the developers r willing to pay! So, this limited resource argument is flawed!!
4. the questions NOT ASKED YET
a. why no estate duty to redistribute old wealth?
b. why do we forgo wealth n Luxury tax just because they will only give little amount? should not every cent count if u need tax revenue?
c. funding healthcare cost has to be fr the pooled risk insurance approach n not on pure budget funding to be sustainable. So why do we keep saying we need state fund besides those already set aside for the Pioneer Generation?
Hope that MORE MPs will ask MORE PENETRATION QUESTIONS instead of just echoing what the Fin Minister had said in the next few days!!
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