GST up to 7%

[kcuf2]

thinking.. it could have been 7% because of the 66.6% had the 33.7% won, they might have striked back with a 15% as a "this is what you get". chill man.. work hard while you're young. earn as much as you can, then migrate and retire in another country.. I'm finding less and less reasons to stay.

how u know wat i m thinking...really thinking of migrating away... its so hard not to be a quitter here.

i think its a better choice to turn into a foreign citizen and fly back here to be a foreign talent :thumbsup:
look at all the incentives available and the nice label "foreign talent"

 

[Parchiao]

I think it is just plain sad to see some people justify the need to raise GST by another 2% by stating that we have one of the lowest rates in the world. Don't make yourselves sound silly.

What irks me is this, as extracted from the channelnewsasia report.

"He explained that it is better to do the increase now when the economy is doing well, rather than wait till later. This will give the government time to see how this adjustment can be managed, and to cope better with the unknown forces of globalisation over the next 5 to 7 years."

And this as well.

"While Singapore's current model to tackle the widening income gap is sound, Mr Lee said the government would take on two approaches to deal with the new environment - to strengthen the safety nets and tilt the balance in favour of the lower-income groups who do not benefit from the fruits of economic growth.

To do this, government spending will have to go up. The government now spends some 15 percent of its GDP - one of the lowest in the world."

It really puts me off. In the last resession, we got our employer CPF cut, and it was never restored. When times are good, instead of raising the employer CPF contribution, GST is raised. Their ammunition is always at the expense of us! And the part that says better to raise it now than wait . . . waiting for a downturn? Raise taxes before a possible downturn? What is he thinking of when he said wait?

The other part says the government spends very little of what they collect. If the expenditure is already so little, why the need to collect so much? Where is all this money currently going to? No answers, obviously. They collect before they spend. If they spend first, they will definitely collect it back almost immediately. What plan is this that requires them to collect now, then wait and see what needs to be done? Come on, treat your fellow Singaporeans with more respect, explain your plan and justify it. At this juncture, I cannot see how raising GST by 2% can help needy Singaporeans. Ultimately, prices will go up by more than 2%. Definitely more than meets the eye. Note, I am not suggesting fraud, I am thinking that the government does not necessarily have to raise taxes now.

I still remember the recession of 1997 and thereafter. On budget day, a deficit was expected for FY1999 of about $5billion, but that turned out to be a $3.4billion surplus by the time FY2000 budget was announced. Explanation was that the increase came from stronger COE and income tax collections. Of course, we got some of that money back into our CPF, totalling $345million. Some $200million was also added to the Eldercare Fund. The rest, they naturally saved it up for a rainy day. Incredible, Richard Hu must have really kiasu people around him providing him with only the worst case estimates to plan and work with. I sure hope mini Lee surrounds himself with better people.

 

[denniskee]

dam, already have to work 13hr a day, now gst increase by 2%, must increase working hr to stay alive. wait, i forget i got no ot pay, er.... time to look for new job?????

 

[walla]

" I'm not going to tax 15% on income tax, I'm not going to tax 25% from GST the way the Scandanavians do, but I have to make the adjustments of 2% which I think is fair and I think Singaporeans will support" quote from PM lee

i feel that if he has implemented it before the elections he could have felt the real impact whether singaporeans really do support or not.

The 7% GST will not affect the higher income holders ( that include the ministers ) as much as those from the lower income group. Although he cite 3 areas to help lower income groups, i dont think it's an effective way to redistribute income.

:thumbsd:

Well said, it would be a real test of support from the citizen. The result will speak for itself during election, if they were to implement this, within 12 months before GE.
As for the 66.6%, i suppose it can't be help as new bait(progressively) will be flashed, when the 1st class elites appear just-in-time, for the rallies. All these agonies by then, will be swept beneath the carpet. And... there you have it... 1st class gahmen

 

[denniskee]

i guess we all know the style.

brake the man leg, than give him a walking stick because we shouldn't give him fish, but we should teach him how to fish. we are a kind nation, we take care of the less able. go jump mrt track if you really can survive, we are a kind nation, people you dont know will come donating. but dont expect us to take care of you because it will break the piggy bank.

 

[dkw]

Perhaps all the naysayers can come up with a reason why PM Lee is doing this? To peeve off the electorate? To get brickbats thrown at him?

C'mon folks. You want to leave the country because of a 2% increment in GST? You there with the 'L' lens and the latest Nikon digital body? You got a right to gripe if the government wants to store up some money for a rainy day? To help the poor? How many of you will tip into poverty, get kicked out of your flat, after this raise? Puhleez, get a grip on reality.

Look, I don't think a GST raise is the best way to help the poor, but surely there has got to be better than the knee jerk hysterics that typifies the responses from these forums.

As jsbn has pointed out, we have a very low rate of GST. I think that is an extremely valid comparator. All those who say not, it is up to you to show why, not for him to have to defend the comparison.

The irony and hypocrisy of it is this. If it were yourself, or a relative, practicing fiscal prudence, storing up money in times of plenty, I'm sure that would attract heaps of praise. For those of you who are familiar with the Bible, do you not know of the Pharoah's dream, as interpreted by Joseph? Egypt built up granaries and stored up grain in 7 years of bounty in preparation for 7 years of famine. Whether you believe that story or not is irrelevant, there is a lesson in it for all of us.

 

[denniskee]

the ang pow we got before ge, is it enough to last untill the next ge?

 

[cybertron]

If life which is something money could buy;
The rich will live and the poor will die.
In fairness that God has made it so;
The rich and the poor together must go.

nobody get out of here alive :angel:

 

[yanyewkay]

Perhaps all the naysayers can come up with a reason why PM Lee is doing this? To peeve off the electorate? To get brickbats thrown at him?

C'mon folks. You want to leave the country because of a 2% increment in GST? You there with the 'L' lens and the latest Nikon digital body? You got a right to gripe if the government wants to store up some money for a rainy day? To help the poor? How many of you will tip into poverty, get kicked out of your flat, after this raise? Puhleez, get a grip on reality.

Look, I don't think a GST raise is the best way to help the poor, but surely there has got to be better than the knee jerk hysterics that typifies the responses from these forums.

As jsbn has pointed out, we have a very low rate of GST. I think that is an extremely valid comparator. All those who say not, it is up to you to show why, not for him to have to defend the comparison.

The irony and hypocrisy of it is this. If it were yourself, or a relative, practicing fiscal prudence, storing up money in times of plenty, I'm sure that would attract heaps of praise. For those of you who are familiar with the Bible, do you not know of Joseph's dream, as told to the Pharoah? Egypt built up granaries and stored up grain in 7 years of bounty in preparation for 7 years of famine. Whether you believe that story or not is irrelevant, there is a lesson in it for all of us.

an the story is? sorry I have never read the bible.

 

[dkw]

an the story is? sorry I have never read the bible.

Pharoah's dream, in short, was 7 fat cattle being devoured by 7 slim and starving cattle, interpreted as 7 bountiful years followed by 7 famined ones. The pharoah took heed, as in the passage.

 

[denniskee]

how to store up money, maybe you should have told that to the poor chap who jumped the track, too bad he was so insignificant that he had fell through the "safety net".

i m already struggling to stay afloat, dont know who to store money liao.

or maybe i should give up all my hobby and all forms of entertainments. than i can save up money and pray hard that it will be enough to buy me bread when i have to retire.

wah lao, so thatis how i should live my life??? work work work, just to stay alive.

 

[dkw]

The problem with this whole GST hike scenario is that PM Lee has not laid out exactly how he is going to redistribute the takings. Quite rightly, many in this forum have observed that a GST increase hits all, and the low income harder than the high earners. If there is no commensurate adjustment in income tax (upwards, that is), I really fail to see how this can be a useful income redistribution exercise.

 

[yanyewkay]

how to store up money, maybe you should have told that to the poor chap who jumped the track.

i m already struggling to stay afloat, dont know who to store money liao.

or maybe i should give up all my hobby and all forms of entertainments. than i can save up money and pray hard that it will be enough to buy me bread when i have to retire.

wah lao, so thatis how i should live my life??? work work work, just to stay alive.

i'm afraid the answer is yes.

 

[denniskee]

my aunty say, no money better dont follow people fall sick.

so if i now cut off every un-neccessary stuff like hobby and entertainment, i will be left with bread and hopefully butter and a glass of plain tap water to go along with in my old age. and should i fall sick, hell, just jump track lor. how to afford medical treatment?

no no i shouldnt complain because we have csers who can afford "L" lens. i am but just another insignificant poor singaporean. whom now that i have been wack by a big stick, has a broken leg, have to go beg gov for a walking stick so i can learn to fish for myself.

 

[AReality]

I better start working hard, so when I quit, can go a less expensive country retire... :thumbsup:


.

 

[staz]

if prices go up, everyone starts to cut spendings, economy will end up a downward spiral

 

[dkw]

The issue of income redistribution and trust in the g'ment aside, I find the attitude of some of the forumers really disappointing. I mean, if you are spending thousands on a hobby, surfing the internet on your own home computer, I hardly think you can consider yourself to be 'struggling'. If you are in that category, and are threatening to use your vote to press your case to reduce the GST, against g'ment objectives, then, I say, uncharitably, that you are stealing money from the poor.

PM Lee has stated that he needs it to pursue welfare policies. Whether it will work this way is of course a matter of debate. However, that is the point to debate. Folk who are selfishly considering only their own point of view, without due consideration for those the g'ment are truly trying to help, should be opposed at all cost. How many of the bottom 10% are here in a PHOTOGRAPHY forum to represent their point of view this early morning? You guys here travelling to Bangkok/Perth/Rome for a photo expedition, yelling at the top of your voice, what exactly are you complaining about? That f2.8 tele now $40 more than before?

I'm sorry, the 66.6% have got it smack-on right, thankfully for SG you guys are in the minority.

 

[denniskee]

AR, yes you can, provided by than, you saving is enough. dont forget, $100 you save now is worth less in the future. so my friend, sell off your gear unless you are making $$$ with it.

 

[denniskee]

wonder what measurement system they have installed.

if you can afford a hobby, surf internet, than you are not struggling. although the home loan will take 25 years to complete. there after, sell the house and down grade cause need cash to survive.

yyk, i hate to admit it, but i guess you ARE RIGHT.

 

[denniskee]

now i am thinking, is there an elite out there, in singapore, after reading my post, will complain why a insignificant singaporean who only know how to complain share the same name as him:think: :think: