SINGAPORE - Singapore must maintain a disciplined approach to public finances, and if additional revenue is required to support vulnerable segments of society, the country should continue to give this support using a fair and progressive fiscal system, said Deputy Prime Minister Lawrence Wong on Monday. Read more at straitstimes.com.
SINGAPORE - Singapore must maintain a disciplined approach to public finances, and if additional revenue is required to support vulnerable segments of society, the country should continue to give this support using a fair and progressive fiscal system, said Deputy Prime Minister Lawrence Wong on Monday.where it takes from the rich to help the poor, a term some commentators have used to describe Budget 2023.
“The ones who are more vulnerable, the ones who are in greater need, will benefit more from government spending. So that’s, I think, a more accurate description of our philosophy – one that we believe is fair, progressive and inclusive,” he said. He referenced a comment made by former United States president Ronald Reagan that the closest thing to eternal life on earth is a government bureaucracy, and cautioned: “Once you’ve put something in place, it’s very hard to close it down. So be very careful before you introduce any new programme.”
DPM Wong had noted in his round-up speech for Budget 2023 that for the middle 20 per cent of income earners, the amount ofin taxes. He compared this to other jurisdictions like Britain and Finland, where the middle quintile received around $1.25 of benefits for every dollar of tax they paid.
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