Page 1 of 2 12 LastLast
Results 1 to 20 of 23

Thread: GST and Tax Rebate - How true is this?

  1. #1
    Member
    Join Date
    Jul 2002
    Location
    Singapore
    Posts
    258

    Default GST and Tax Rebate - How true is this?

    Example 1
    In 2006, if after rebates etc and your net taxable income is $60,000, the
    income tax you need to pay is $2,700 (8.75%). If you spend $800 a month on
    needed goods and services, the GST paid for 5% will be $480 Total=$3,180 in
    Tax paid.

    In 2007, if after rebates etc and your net taxable income is $60,000, the
    income tax you need to pay is $2,600 (8.50%). If you spend $800 a month on
    needed goods and services, the GST paid for 7% will be $672 Total=$3,272 in
    Tax paid.


    From $3,180 to $3,272, the effective increase is 2.89%.


    Example 2
    In 2006, if after rebates etc and your net taxable income is $400,000, the
    income tax you need to pay is $61,650 (21%). If you spend $4,000 a month on
    needed goods and services, the GST paid for 5% will be $2,400 Total=$64,050
    in Tax paid.

    In 2007, if after rebates etc and your net taxable income is $400,000, the
    income tax you need to pay is $58,700 (20%). If you spend $4,000 a month on
    needed goods and services, the GST paid for 7% will be $3,360 Total=$62,060
    in Tax paid.


    From $64,050 to $62,060, the effective decrease is -3.11%.



    Example 3
    In 2006, if after rebates etc and your net taxable income is $25,000, the
    income tax you need to pay is $187.50 (3.75%). If you spend $800 a month on
    needed goods and services, the GST paid for 5% will be $480 Total=$667.50
    in Tax paid.

    In 2007, if after rebates etc and your net taxable income is $25,000, the
    income tax you need to pay is $175 (3.5%). If you spend $800 a month on
    needed goods and services, the GST paid for 7% will be $672 Total=$847 in
    Tax paid.


    From $667.50 to $847, the effective increase is 26.89%.

    The fact is: The poorer you are the more the GST is going to make you
    poorer

    ................... the poor get poorer, the rich get richer!!!

  2. #2
    Senior Member
    Join Date
    Feb 2003
    Location
    Outside the Dry Box.
    Posts
    16,268

    Default Re: GST and Tax Rebate - How true is this?

    nice illustration... but there is something not right, just can't think of whats the part...

    besides that, savings in bank not in consideration, interest earned, investments, etc... besides that... the one with 400000 won't only use 4000, cos he will buy a landed property, and need to pay instalments etc... his cost might even be higher if he got more kids & wifes... imagine all his 'subsidiary' dun work, his input in GST even higher...
    Logging Off. "You have 2,631 messages stored, of a total 400 allowed." don't PM me.

  3. #3
    Senior Member
    Join Date
    Aug 2004
    Location
    Punggol 21
    Posts
    967

    Default Re: GST and Tax Rebate - How true is this?

    I would really like to know how do they specify poor? at which level? and how many poor people are there in SG?
    I lup SG, but SG don't love me...

  4. #4
    Senior Member
    Join Date
    Feb 2003
    Location
    Outside the Dry Box.
    Posts
    16,268

    Default Re: GST and Tax Rebate - How true is this?

    Quote Originally Posted by Sjourn View Post
    I would really like to know how do they specify poor? at which level? and how many poor people are there in SG?
    i dunno u got see poor in sg anot... but me neither...

    cos the most i see is those begging on roadside (which i dunno where they stay..)
    or those who live in 1 room flat (but dunno their bank acc have how much)
    pick used cans and paper boxes (but i heard some do for fun only)

    everytime i wanna truely believe that there is poor among ppl in sg, there is statistics and evidence to show otherwise... cos there is always help around... i've seen some which have over supply of daily necessity and allowances that i felt the system is flawed... then i see news which says otherwise... perhaps the elderly is well taken care of, the younger ones ain't...
    Logging Off. "You have 2,631 messages stored, of a total 400 allowed." don't PM me.

  5. #5

    Default Re: GST and Tax Rebate - How true is this?

    Quote Originally Posted by Del_CtrlnoAlt View Post
    i dunno u got see poor in sg anot... but me neither...

    cos the most i see is those begging on roadside (which i dunno where they stay..)
    or those who live in 1 room flat (but dunno their bank acc have how much)
    pick used cans and paper boxes (but i heard some do for fun only)

    everytime i wanna truely believe that there is poor among ppl in sg, there is statistics and evidence to show otherwise... cos there is always help around... i've seen some which have over supply of daily necessity and allowances that i felt the system is flawed... then i see news which says otherwise... perhaps the elderly is well taken care of, the younger ones ain't...
    Errr... how about those that jump the MRT tracks, consider poor or not?

  6. #6

    Default Re: GST and Tax Rebate - How true is this?

    Quote Originally Posted by Hoky View Post
    Errr... how about those that jump the MRT tracks, consider poor or not?
    he considered dead.

  7. #7

    Default Re: GST and Tax Rebate - How true is this?

    Quote Originally Posted by Del_CtrlnoAlt View Post
    nice illustration... but there is something not right, just can't think of whats the part...

    besides that, savings in bank not in consideration, interest earned, investments, etc... besides that... the one with 400000 won't only use 4000, cos he will buy a landed property, and need to pay instalments etc... his cost might even be higher if he got more kids & wifes... imagine all his 'subsidiary' dun work, his input in GST even higher...
    Errr... does it mean that if you are not earning a lot, you shouldn't have kids....
    No wonder Singapore got population crisis...

  8. #8
    Senior Member
    Join Date
    Aug 2004
    Location
    Punggol 21
    Posts
    967

    Default Re: GST and Tax Rebate - How true is this?

    Quote Originally Posted by Hoky View Post
    Errr... how about those that jump the MRT tracks, consider poor or not?
    That type not considered poor anymore...G can buy hell$ in the billions for 50 cents to support.


    its called, after life rebate from G.
    I lup SG, but SG don't love me...

  9. #9

    Default Re: GST and Tax Rebate - How true is this?

    Quote Originally Posted by amateur_photographer View Post
    he considered dead.
    Yah hor...


  10. #10

    Default Re: GST and Tax Rebate - How true is this?

    Quote Originally Posted by Sjourn View Post
    That type not considered poor anymore...G can buy hell$ in the billions for 50 cents to support.


    its called, after life rebate from G.
    Ever wonder how is the tax rates in Hell???
    Hopefully they don't have increasing GST down there.... else we'll be living a life worst than Hell...

  11. #11
    Senior Member
    Join Date
    Jul 2002
    Location
    Planet Eropagnis
    Posts
    2,944

    Default Re: GST and Tax Rebate - How true is this?

    Quote Originally Posted by Del_CtrlnoAlt View Post
    i dunno u got see poor in sg anot... but me neither...

    cos the most i see is those begging on roadside (which i dunno where they stay..)
    or those who live in 1 room flat (but dunno their bank acc have how much)
    pick used cans and paper boxes (but i heard some do for fun only)

    everytime i wanna truely believe that there is poor among ppl in sg, there is statistics and evidence to show otherwise... cos there is always help around... i've seen some which have over supply of daily necessity and allowances that i felt the system is flawed... then i see news which says otherwise... perhaps the elderly is well taken care of, the younger ones ain't...
    Heard of 'High Class Beggars'?

    I kena once... from an old woman in my neighbourhood. She says her son abandoned her and so on. After I realised I'd been p3wned thoroughly, enough is enough. Screw those beggars to high hell. Never looked at them or bothered with them any more.

    Maybe one can refer to the archives of the New Paper, where an able-bodied young man who is mentally sound was seen begging at Orchard area.

    IMO, when people choose to screw themselves and end up begging. These are the sort of ppl we shldn't even care abt.
    "Wonders of the Human Mind. Unfathomable to the highest degree."

  12. #12
    Senior Member
    Join Date
    Dec 2003
    Location
    Tampines
    Posts
    3,287

    Default Re: GST and Tax Rebate - How true is this?

    Quote Originally Posted by Hoky View Post
    Ever wonder how is the tax rates in Hell???
    Hopefully they don't have increasing GST down there.... else we'll be living a life worst than Hell...
    If you go to hell then I think that should be the least of your worries right?

  13. #13
    Senior Member
    Join Date
    Jul 2002
    Location
    Planet Eropagnis
    Posts
    2,944

    Default Re: GST and Tax Rebate - How true is this?

    Quote Originally Posted by Hoky View Post
    Errr... how about those that jump the MRT tracks, consider poor or not?
    Jump tracks? Suicide?

    Yes, they might be driven to desperation and considering their current state, yes, sympathy ought to be extended.

    But considering the root cause, WHO CAUSED IT ALL? Solely the govt with supposedly 'high' taxes? Or the uncontrollable urge to live a high life sign until card explode, bank account explode? The lack of financial planning? Other circumstances?

    There are so many underlying causes that if one simply pins ppl jumping tracks and suicide rates to government policies, he can stand in line to be added to the statistics chart next.
    "Wonders of the Human Mind. Unfathomable to the highest degree."

  14. #14
    Member
    Join Date
    May 2005
    Location
    Nee Soon
    Posts
    457

    Default Re: GST and Tax Rebate - How true is this?

    Quote Originally Posted by jsbn View Post

    But considering the root cause, WHO CAUSED IT ALL? Solely the govt with supposedly 'high' taxes? Or the uncontrollable urge to live a high life sign until card explode, bank account explode? The lack of financial planning? Other circumstances?

    There are so many underlying causes that if one simply pins ppl jumping tracks and suicide rates to government policies, he can stand in line to be added to the statistics chart next.
    Poor people don't pay income tax (only a bit of GST). Poor b@st@rds, on the other hand, have to pay both

  15. #15
    Senior Member
    Join Date
    Jul 2002
    Location
    Planet Eropagnis
    Posts
    2,944

    Default Re: GST and Tax Rebate - How true is this?

    There are some rich sods who signed cards and pay minimum sum every month until credit card interest roll until they are effectively paying minimum sum on interest alone whilst their debts keep piling up.

    So much for wearing a big hat when the head's too small for it, end up banging against the wall.
    "Wonders of the Human Mind. Unfathomable to the highest degree."

  16. #16
    Member
    Join Date
    Nov 2006
    Location
    Singapore
    Posts
    181

    Default Re: GST and Tax Rebate - How true is this?

    Whether High or Low income earners can have financial stability as long as they spend within their means.

    Been lusting for the Nikkor 70-200mm VR for a long Long LONG time but... Hiaz...

  17. #17
    Member/Tangshooter
    Join Date
    May 2006
    Location
    ClubSNAP Community
    Posts
    3,118

    Default Re: GST and Tax Rebate - How true is this?

    There wouldn't be poor, when there is no rich..
    This is an electronic post which requires no signature.

  18. #18
    Senior Member
    Join Date
    Jul 2002
    Location
    Planet Eropagnis
    Posts
    2,944

    Default Re: GST and Tax Rebate - How true is this?

    Quote Originally Posted by Wowee View Post
    Whether High or Low income earners can have financial stability as long as they spend within their means.

    Been lusting for the Nikkor 70-200mm VR for a long Long LONG time but... Hiaz...
    Good glass, nice glass. No doubt, one of the trinities...

    Before I start busting my money on Nikkors, I usually ask myself, "Got alternatives? Die-die must buy Nikkor?"

    Eventually end up getting a cheaper alternative that works as well.
    "Wonders of the Human Mind. Unfathomable to the highest degree."

  19. #19
    Member
    Join Date
    Nov 2006
    Location
    Singapore
    Posts
    181

    Default Re: GST and Tax Rebate - How true is this?

    I do think we should have implement luxury tax as that would be a more efficient way to tax the rich and subsidies the poor... Rather than increasing GST and then think of ways to give money back to the poor...

    There would bound to have some poor that would have slip through whatever policies the Garment have implemented.

    Maybe Garment do not want to do that as that would discourage the rich people from coming here...

  20. #20

    Smile Re: GST and Tax Rebate - How true is this?

    so obvious, right!

    Quote Originally Posted by Wowee View Post
    I do think we should have implement luxury tax as that would be a more efficient way to tax the rich and subsidies the poor... Rather than increasing GST and then think of ways to give money back to the poor...

    There would bound to have some poor that would have slip through whatever policies the Garment have implemented.

    Maybe Garment do not want to do that as that would discourage the rich people from coming here...

Page 1 of 2 12 LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •