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11/16/2006

fund expenses from income, not taxes

My challenge to the govt is to cap the tax rates at the current level, stop all the formula of profit first on essential services and finance its growing expenses from investment income. We have more than a hundred billions in GIC and Temasek each. And it was claimed that GIC's profit is 8% while Temasek is 18%. These combined will give $26 billion annually. If they can grow on these two mammoth organisations they will not have to raise taxes continuously on the people. GST and raising wages will only erode our competitive edge in a globalised economy. There is no magic formula that you can raise wages and GST and think we can compete with the world. Our shopper's paradise will be overtaken in no time. Our workforce will go the American and European way. We will price ourselves out of the market. We have to grow out of the rich kid mentality. Working, earn a salary and still dipping into the parents' pocket. The rich kid must grow up and earns his keep and if he wants to spend more, he just have to earn more. Not stretching out his hand to ask from the parents.

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