Originally posted by robertteh:
[b]Singapore was able to build such a high reserve because the
government taxes its citizens at the average of S$500,000 -
$800,000 through sheer creative accounting method per household
from selling of HDB flats and vehicle taxes alone over a 30 - 35
years work span.
Where did you get those figures from and how do you link that to
creative accounting?
On top of such high taxes, it is recovering all the costs of
providing government services from the people by charging them at
full market values through corporatization of services into GLCs
(to charge more).
cost recovery is a good thing. Thats why Singapore is cost
efiicient.
Not all services are fully charged though. Many services are
heavily subsidised.
Just working on the conservative estimate of 200,000 households
along at the lower figure of $500,000 per household, we can easily
see how our reserve has been built on people's monies.
S$500,000 x 200,000 households = S$100.00 billions.
Thats what i call creative accounting on the part of
Robert.
How can he load everything on to personal taxes? What abt corporate
tax and GLC revenues from services overseas?
Citizens are made to work the whole lifetime of 35 years just to
build up reserve for leaders to claim success and paying from the
reserve their highest rewards.
good, we do need everybody to work hard. I'll love to work till
I'm 65.
We will need reserves in hard times and will be thankful of it. We
haven't gone thru war and world wide crisis yet.
