2/17/2007
budget - narrowing income gap
"Income gaps are widening," Second Finance Minister Tharman Shanmugaratnam said in his budget speech.
A "Progress Package" of government handouts last year was weighted in favour of lower-income groups and helped reduce that disparity.
The above is probably the gist of what the 2% increase in GST is all about. And with the lower income group getting the chunk of the $4 billion package, indeed the income gap has been narrowed. The lower income group could get a hefty $1000 annually for 4 years against the richer group that may get $200. So income gap has closed by $800!
But this would not last long when the next pay rise is announced when the richer group could see tens of thousands of dollars added to their pay package against the $30 or $150 added to the lower income group.
That is the reality in life. How to narrow the income gap? Impossible. Cannot be done.
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Hello redbean!
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How to narrow the income gap?
This is the wrong question.
The question should be WHY narrow the income gap?
And the answers is simple: to buy votes.
This is a sham. If S'poreans had less govt interfering with their lives, everyone would be better off.
For starters, drop the GST back to 3%, and cut company taxes to 10% - flat. (Hong Kong is 16.5% — and it is progressive, i.e. not every corporation pays 16.5%, many pay less) Income tax — remove all together — i.e. 0%
When taxes are cut, govt gets smaller. For e.g. there won't be so much money to pay ministers such lavish salaries.
Fancy a minister telling the people "the income gap is widening". Fucking hell, the guy earns many many times more than the avverage worker. Cheeky bugger — he has the temerity to tell us "the income gap is widening".
But the best part... the people are silent!
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