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 Despicable theft: Singapore raises taxes on rich to fund rising social spending

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PostSubject: Despicable theft: Singapore raises taxes on rich to fund rising social spending   Despicable theft: Singapore raises taxes on rich to fund rising social spending Icon_minitimeTue Feb 24, 2015 1:28 am
Singapore on Monday announced income tax rises for the top five percent of the population to fund rising social spending targeted at the poor and elderly in the rapidly ageing city-state.

Despicable theft: Singapore raises taxes on rich to fund rising social spending 84cb16cf0efd5079c8d4c606e280c96b1b267004_original

The marginal personal income tax rate for those earning above Sg$320,000 ($256,000) a year will rise to 22 percent next year from the current 20 percent, Finance Minister Tharman Shanmugaratnam told parliament as he unveiled the 2015 budget.

The increase is expected to raise an additional Sg$400 million to the government's current revenues of Sg$61.35 billion.

"While everyone contributes something for a better Singapore, those who are better off should contribute more," said Tharman.

https://au.finance.yahoo.com/news/singapore-raises-taxes-rich-fund-041538100.html
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