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And yet Singapore has low taxes (by some considered even a tax haven) and is not a welfare state. That is by design, LKY having been a big supporter of personal
by odiroot 5y ago
And yet Singapore has low taxes (by some considered even a tax haven) and is not a welfare state. That is by design, LKY having been a big supporter of personal responsibility.
- refurb 5y agoSingapore has low income taxes but high CPF (forced savings for retirement, health, housing, etc) requirements - 20% of gross income on top income taxes. The total take isn’t that low. And Singapore is most definitely a welfare state - just not a super generous one. Housing, healthcare, education are all heavily subsidized but also very strongly means tested. If you’re truly destitute in Singapore you will have a place to live, free healthcare and lots of government support.
- odiroot 5y ago> Singapore has low income taxes but high CPF (forced savings for retirement, health, housing, etc) requirements - 20% of gross income on top income taxes. The total take isn’t that low. Which, compared to western states, isn't taken away from you. It's your own private pool of money, just with a restricted use. The government is just aware, people are not great at saving for their future, so they have to be forced to do it properly. Housing is not really subsidised, it's just build and sold without markup. Singapore's healthcare is also one of the "cheapest" and most efficient in the world.
- imtringued 5y agoIn my opinion income tax should be massively reduced in favor of land value taxes.