Monday, May 13, 2013

Foreign wealth widens inequality in Singapore - Report....

Foreign wealth widens inequality in Singapore - Asia-Pacific - Al Jazeera English

"The influx of money is making Singapore one of the richest cities in the world. But the low tax rate also means no social security net, given the plummeting wages among the poor as foreigners take up blue-collar jobs" - [Link]


Some time back statistics released show that the average household income of Singapore Indians has increased significantly:

"Indians overtook Chinese as the ethnic group earning the highest income. Last year Indian household earned a median income of $5370. This compares with $5100 for Chinese families and $3844 for Malay families"
- [Link]

As a Singaporean, I thought "wow, this is fantastic" for our fellow Singaporeans to have made so much progress. Later I found out how this "progress" was achieved.  Singapore opened its doors to wealthy Indians from India causing the average income of this ethnic group to go up. The "long time Indian Singaporean" did not make much progress in recent years and like all other Singaporeans suffered from the rising cost of living as Singapore became more crowded.

If we bring in rich people to the country, the rest of the population can benefit if the rich is properly taxed to provide a source of money for social spending or if they invest in businesses that create better paying jobs for Singaporeans.  In Singapore our tax rate is very low and we do not tax wealth but income. A person shifting his wealth to Singapore pays very little in taxes and we attract wealthy people with the wrong motivation -many are because they want to avoid high taxes back home. If they don't want to contribute to the society that made them rich, they are not here to benefit our society as a whole except a few private wealth managers and our already wealthy banks.

In the US, President Obama increased minimum wage[Link] several times, increased taxes for the rich[Link], gave more people access to college education. He has also gone after the banks and rich people who evaded taxes by shifting money off-shore[Link].

The Singapore govt is not only doing little  to address the inequality that is polarizing our society...our deregulated banking system, low taxes and citizenship schemes for the rich thwarts the efforts of other govts to fix this problem by allowing rich individuals to escape their responsibility back home. The money that has flowed here into property investments has made life difficult for the ordinary Singaporean by raising his cost of living and worsening the inequality problem in Singapore.


42 comments:

Anonymous said...

fark pap

PERIOD

Anonymous said...

Our friends & relatives voted for this government.
At least 60% of them did so.

So I say fark our friends & relatives.

Anonymous said...

Saverin, Gong Li, Jet Li, Jacky Chan. Many people come here to park their wealth and prop the property bubble. The Singaporeans suffer, especially the young who cannot afford their own homes. We need to vote out PAP and flush its ideology down the toilet.

Lye Khuen Way said...

What can we conclude by just reading what the USA under the Obama Administration has done so far?

Singapore 's "coverment" has done nothing for its less well off citizens.
Oh sure, I can imagine arms up in protest, no?

Bet Lucky Tan can easily tick off all the help that were suppose to benefit our citizens.

theonion said...

Lucky

As you like to quote .
Well its the economy, considering the unemployment/disability/pension/student rolls has increased, where has the extra money come from, more borrowings.
USA has the distinction of being a reserve currency at present which allows them some leeway, well, Europe some parts are paying the piper.

Regards

Anonymous said...

Bring back estate duty otherwise the next generation of the rich who inherited untaxed money will become very lazy and live off this wealth and do nothing else.

The beginning of the end of a prosperous nation.

Anonymous said...

That's why PAP gov never disclose the number of Indian PR/EP population here. One day they might when they're under pressure and the Indian number is so big that they don't need the Malay votes!

Anonymous said...

"The money that has flowed here into property investments has made life difficult for the ordinary Singaporean by raising his cost of living and worsening the inequality problem in Singapore."
Lucky Tan

Do not forget that 43% voted PAP in the recent by election, where WP not ready to be govt does not arise.

This means that despite what Lucky Tan said above, 43% are still rich enough to be happy and satisfied despite the high cost of living Singapore.

And with gerrymandering, 43% votes alone may even be more than enough to win 50 to 60% of the seats, you know.

What's the problem?





Anonymous said...

Vote PAP out?

No way lah, with the kind of opposition in Sinkieland. At least Matland got much better chance.

And with gerrymandering, 43% votes will be enough to form the government with more than 50% seats won.

Anonymous said...

Besides wealth and income inequality, the one thing that is becoming very scary is the number of rich ahneh foreigners. These people do not know what is right or wrong in their culture. TO them, it is bad karma if you are poor and good karma if you are rich irregardless of what and how the wealth or income is obtained. It is like the papaya policy, you are lazy so you are poor and are diligent so you are rich. It completely ignores the unjust laws put up by the policy makers to advantage a small group of already rich and powerful people to exploit others and the environment.

bond

Anonymous said...

People must learn to stop voting for any party that allows foreigners to exploit the locals.

Anonymous said...

43% are rich and have a good life despite "a party allowing foreigners to exploit locals".

When you are rich (excluding those born rich), it means you are smart and have learned.

And 43% rich and happy is quite a high percentage and an achievement considering the high cost of living in Sinkieland.

If I were the party, I am very proud of my party's achievement.

Anonymous said...

43% are rich and happy? what is this based on?

Attracting wealthy foreigners to improve the lives of local people is right. Attracting wealthy foreigners to hurt the lives of local people is wrong. Wake up before it is too late. Locals jobs are taken over by foreigners in great speed.

Anonymous said...

'43% still vote ...'

- does not mean they support papaya but can mean that they still cannot accept the truth that they are being screwed by papaya. wait till their jobs are replaced by some ahneh FTs and they can regret.

Anonymous said...

"Locals jobs are taken over by foreigners in great speed."
Anon 13/5/13 22:27

Maybe true but most important is how many local Sinkies are affected?

And if they are affected, surely they are not happy with PAP and will not vote PAP in a by election, tio bo?

In fact PAP should even lose its deposit in a by election if things are really as bad as you said in above.

But why PAP can still get 43% votes in Punggol BE?

Or is it 43% are daft? And I believe there are some millionaires among the 43%. Can they be daft? Maybe selfish, but definitely not daft.

Anonymous said...

Who knows, maybe a lot of the 43% may even be foreigners who became citizens recently.

If that is the case, PAP is smart.

Local Sinkies whose jobs are replaced by foreigners are indeed daft. And they deserved to be replaced because:

#1 they are more expensive than the foreigners.

#2 not enough of them want or are able to vote PAP out due to the many more new citizens.

If you are daft, you lose. It's the same everywhere.

Anonymous said...

Report: Singapore to eclipse Switzerland as tax haven by 2020

http://edition.cnn.com/2013/05/13/business/singapore-rich-switzerland-wealth/

Anonymous said...

Singaporeans focus on solutions and are highly pragmatic. They know they need money and they seek solutions to acquire it.. hopefully in large quantities.

The PAP knows and understands this.

They use the Singaporean mindset to their advantage and they also have the machinery to apply this advantage.

We think of solutions to get rid of the PAP or to neuter them.
It will not work.

Think laterally.

Politics is not a one way street.

If need be, dance with the devil and prepare to plunge the stake through its heart.

For every adversary, there will be a heart, a HQ, a doctrine.
Find it, dance with it, destroy it.

Anonymous said...

It is true our government attract wealthy people with the wrong motivation -many are here because they want to avoid high taxes back home. But then Singaporeans also elected a political party with the wrong motivation= many in the party join primarily for the super high pay they get so they work to keep the party in power instead of for the benefits of the citizens

Anonymous said...

I am personally beginning my migration process. And counting 2 and half years from now. Will be keeping my pick ic and then take off. I had enough of fucking PAP policies. My family are ready. I am waiting to complete my postgrad.

Anonymous said...

"Indians overtook Chinese as the ethnic group earning the highest income. Last year Indian household earned a median income of $5370. This compares with $5100 for Chinese families and $3844 for Malay families"

Thought I read "median", and not "mean". PAP must have import huge many of rich Indians (accumulated over the years) to have such impact.

Jafri said...

If the rich immigrants do not want to contribute to the society through their wealth; then they are not here to benefit our society as a whole

Anonymous said...

What democracy crap? It's hypocrisy HAHA

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Anonymous said...

Yeah ... ur beloved Obama is really doing a great job.

http://www.zerohedge.com/news/2013-06-02/obamacare-double-cost-insurance-average-californian

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