Entrenched generational wealth is the elephant in the room for all societies as you say. Death/Estate taxes should be 100%!GSM8 wrote:Societies are not sustainable when wealth is passed down in perpetuity.Many other countries have death tax/ estate tax etc. I suppose Singapore achieves a similar effect with 99-year property leases gnawing away through a lifetime at the split between personal and gahmen wealth. Would the people bleating about 99-year leases find it more palatable if the gahmen took away 40% of inheritance after a person's death (resulting in them having to possibly sell the inherited property to pay tax) like many other countries do?
It is about opportunity , and to keep people motivated to keep trying if things don't work out first time.earthfriendly wrote:And if I may contradict myself, ironically, the egalitarian in me does not quite agree with this concept of the philanthropy of the wealthy either. That the less fortune needs to hang around pining for the charity of the moneyed class. There is something inherently wrong with this picture. It almost reminds me of panhandling. At the end of the day, we are all better off if we create an environment of opportunities for everyone who is willing to work. A huge wealth gap is destabilising for any country and it makes it less safe for everyone, including the wealthy who will get the blame.
Back on topicPNGMK wrote:I am astonished at how well Wong and PAP Ltd are at putting their feet in their mouth on this one. They continue to astonish with their clear lack of ignorance or is it wilful attempts to mislead people?
A 99 year leashold on a building is radically different to a 99 year strate leasehold on a building and land parcel.
It looks like they have been surprised by the current discussions and have been struggling to put anything together to placate the masses.PNGMK wrote:Actually HDB "lease" is more like a 99 year certificate of occupancy (COO) or Certfiicate of entitlement to reside (COER). The terms and conditions are almost similar as a COE. There are serious restrictions on how you can use a HDB and the most grevious is that you need the permissions of HDB to even reside there.
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