Not for love of money, but of Humanity. "Greater is he who works for the good of all, then he who works for the good of himself only" ~ Matthew 25:40: "The King will reply, 'I tell you the truth, whatever you did for one of the least of these brothers of mine, you did for me.'"- (NIV). I live in Singapore where the Emperor must not be disturbed.

Tuesday, February 22, 2011

Budget 2011- flawed, clumsy and all much too prejudiced

Budget Revenue wise:
  • 'Tax loopholes in SG that allow the cunning to CHEAT SUBSTANTIALLY on personal income': "... a tax consultant Mr X usually earn SGD680k p.a. can very easily reduce his income tax burden (YA2010) of $114.7k (tax table [IRAS]) to ZERO...".[A1, 20Feb2011]- discussed at link.
Budget Expense wise:
  • Very poor are forgotten:
    - e.g. those who rent HDB rooms on the 'private market' for whatever reason will not enjoy U save rebates, conservancy fee/ TV tax waivers as these benefits are accorded to the landlord- whom they are at the mercy of. These poor may never receive any benefits should their respective landlords not wish to pass on these savings in the form of room rental rebates/ discounts.
    - A majority (54% of Singaporeans) do not pay any income tax and as such benefit nothing from personal income tax rate reductions/ rebates.
    - Those too poor to own their own homes but happen to rent a room in a property whose 'annual value' is deemed to have exceeded $16k p.a. have their 'growth dividends' halved merely on the assumption that due to the mistaken assumption that all who reside in higher value properties are rich.
  • Excessively skewed productivity drives:
    Economic restructuring and blind productivity drives involving skewed funding, invasive and confusing foreign worker levy rate increases across different sectors if uncalibrated will result in pillage and fund wastage, not to mention consumer price inflation as worker levies simply manifest themselves as greater consumer costs and expenses. Unwarranted stress on SMEs: 'Unproductive firms may just have to quit' [ST, 5Feb2010] may very well lead to their demise and thus precipitate further local unemployment, not to mention tremendous socio-env damage done as profits are blindly chased.
  • Social (over emphasis on paid work, families forgotten, low birth rates aggravated):
    - Housewives, ditto those too sick to perform paid work do not and cannot enjoy any workfare benefits at all as they do not earn a salary in nominal terms- they are a forgotten breed of Singaporeans; children get nothing (<35yrs old)- but all these people are still productive citizens in their own unique ways, yet over-categorization causes some to fall through loopholes in help.
    - 'Unhappy dad' [ST, 21Feb2011]: 'If you look at the cost of raising a child, this is a drop in the ocean.'
Other persistent concerns:
  • Despite the SG govts best efforts,
    - "The Gini coefficient, which is a measure of income inequality, continued to rise.": 'S'pore households' median monthly income rises' [CNA14Feb2011].
- 'Countries with the Biggest Gaps Between Rich and Poor'
, (by Bruce Einhorn): "No. 2 Singapore-.. Ratio of income or expenditure, share of top 10% to lowest 10%: 17.7". [BW,16Oct2009]
- 'Unhappy dad' (MR STEVEN THNG): "While I applaud the breadth and depth of the Budget, I am unhappy that nothing much has been done to boost our total fertility rate, except for a $300 to $400 top-up of the Children Development Account for each child aged six and below. If you look at the cost of raising a child, this is a drop in the ocean. I became the father of a second child, a baby girl, on Saturday. There are no measures to allow fathers to participate in the care of their children despite multiple feedback." [ST, 21Feb2011]

At/ related:
22Feb2011: Too many loopholes in budget 2011.
22Feb2011: Budget 2011
22Feb2011: Define Bonanza
22Feb2011: Socialist Front: Singapore’s Pork Barrel Budget 2011
22Feb2011: 72% of Singaporeans: Budget 2011 far from expectations
22Feb2011: Budget Goodies….2011
22Feb2011: Reform Party’s Response to Budget 2011
22Feb2011: Productivity booster

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