We have to find a way to deal with the extremely high earnings of talented people, who cause hardship to many ordinary families. Read SGEP or click here. Give your views about this article in this survey.
Brain drain? These doctors, lawyers and bankers make their money from Singaporeans. Where can they drain to? See of they can charge these exorbitant fees in other countries? Maybe USA - but then will be sued for malpractice!
Look at Finland and Denmark, taxes are much higher for high earners, do we see brain drain there? No, these countries believe in dignity by working hard and taxes are for the well being of retirement and medical and educations. Here we should really push for minimum wages to have a decent living and not asking for help from Govt provided you know how and where to go about these complex policies that can even confuse intelligent ppl with phd.How you expect the low educated and poor ppl to know? The right and simple way is Minimum Wage and right taxes and right health care and right education.
I am not too convinced by the argument in your article and here. But I understand that I might not know the full facts of the case studies your using.
Maybe you can highlight the countries you were talking about in your posting that implemented such policies? The only countries I know that have done that have not fared well. However, there might be others which I do not know about so it would be good if I could learn about them.
Another way would be to require such talented people to provide pro-bono service to members of public. They can still earn their high income either thru citizens or foreigners but they are required to provide x hours of service. the higher the income bracket, the more hours they have to provide free of charge. This can apply to lawyers, doctors and other professions. For ministers or MP( i am not sure if this is true) they should not be allowed to sit on board or perhaps only limited to a small number. Their time is funded by public and there may be potential for conflict of interest.
it will be good if we can do our research and studying before we take on an offensive/defensive stance.
Mr Tan and many older people here with lots of experience can speak from knowledge gained from many avenues.
If there are those who are not convinced, please read up more. If you have anecdotal evidence from personal shit that happens, please state.
But please do not just say you are not convinced and expect others to spend their time convincing you, when nobody is even bothered if you are convinced or not.
Why don't you go ask PAP Ministers to substantiate their statements to you? Is it because they wouldn't bother with you? Or they just look more credible? How credible are they?
Jun Hao America, UK and countries in Europe had high income tax rates 30 years ago. They performed better in those days than now, when many of these countries are in heavy debt, due to lack of tax revenue to meet their expenditures.
Thanks for the examples. It was interesting to note that to see that the US historical tax rates was 50 - 80% for the top income bracket.
I think tax rates had a certain part to play - but they government's wild expenditures probably played a bigger problem.
However, I feel that increasing the tax rates by a reasonable level for the top income brackets is definitely worth considering.
However, to create a situation and imposing extreme taxes that would stifle entrepreneurship and hard work is equally dangerous.
What we should be aiming to do create more social awareness (i.e. what patrol said regarding probono work) like in the US, where they have many successful people giving back to society.
To jun hao: Extreme tax? on the contrary PAP has gradually reduced Corporate tax over the yrs. today Spore has one of the lowest corporate tax in the world. this is why the LHL garment raised GST to make up for the revenue shortfall. or u gonna believe the lie about "raise GST is to help the poor"? hahahaha
there are folks here who has a lot more life experience and knowledge so dun create straw man argument.
Realistically speaking, you would see the biggest brain drain in history.
ReplyDeleteWhich countries in particular are you talking about that put such high tax rates.
I want to know how they turned out today to be fair to both sides of the argument.
Thanks
Brain drain? These doctors, lawyers and bankers make their money from Singaporeans. Where can they drain to? See of they can charge these exorbitant fees in other countries? Maybe USA - but then will be sued for malpractice!
ReplyDeleteLook at Finland and Denmark, taxes are much higher for high earners, do we see brain drain there? No, these countries believe in dignity by working hard and taxes are for the well being of retirement and medical and educations. Here we should really push for minimum wages to have a decent living and not asking for help from Govt provided you know how and where to go about these complex policies that can even confuse intelligent ppl with phd.How you expect the low educated and poor ppl to know? The right and simple way is Minimum Wage and right taxes and right health care and right education.
ReplyDeleteHi Mr Tan,
ReplyDeleteI am not too convinced by the argument in your article and here. But I understand that I might not know the full facts of the case studies your using.
Maybe you can highlight the countries you were talking about in your posting that implemented such policies? The only countries I know that have done that have not fared well. However, there might be others which I do not know about so it would be good if I could learn about them.
Thanks.
Another way would be to require such talented people to provide pro-bono service to members of public. They can still earn their high income either thru citizens or foreigners but they are required to provide x hours of service. the higher the income bracket, the more hours they have to provide free of charge. This can apply to lawyers, doctors and other professions. For ministers or MP( i am not sure if this is true) they should not be allowed to sit on board or perhaps only limited to a small number. Their time is funded by public and there may be potential for conflict of interest.
ReplyDeletePatrick
it will be good if we can do our research and studying before we take on an offensive/defensive stance.
ReplyDeleteMr Tan and many older people here with lots of experience can speak from knowledge gained from many avenues.
If there are those who are not convinced, please read up more.
If you have anecdotal evidence from personal shit that happens, please state.
But please do not just say you are not convinced and expect others to spend their time convincing you, when nobody is even bothered if you are convinced or not.
Why don't you go ask PAP Ministers to substantiate their statements to you?
Is it because they wouldn't bother with you? Or they just look more credible? How credible are they?
Be thankful there is a blog like Mr Tan's.
Jun Hao
ReplyDeleteAmerica, UK and countries in Europe had high income tax rates 30 years ago. They performed better in those days than now, when many of these countries are in heavy debt, due to lack of tax revenue to meet their expenditures.
Dear Mr Tan,
ReplyDeleteThanks for the examples. It was interesting to note that to see that the US historical tax rates was 50 - 80% for the top income bracket.
I think tax rates had a certain part to play - but they government's wild expenditures probably played a bigger problem.
However, I feel that increasing the tax rates by a reasonable level for the top income brackets is definitely worth considering.
However, to create a situation and imposing extreme taxes that would stifle entrepreneurship and hard work is equally dangerous.
What we should be aiming to do create more social awareness (i.e. what patrol said regarding probono work) like in the US, where they have many successful people giving back to society.
To jun hao: Extreme tax? on the contrary PAP has gradually reduced Corporate tax over the yrs. today Spore has one of the lowest corporate tax in the world. this is why the LHL garment raised GST to make up for the revenue shortfall. or u gonna believe the lie about "raise GST is to help the poor"? hahahaha
ReplyDeletethere are folks here who has a lot more life experience and knowledge so dun create straw man argument.