Singapore Democrats, 15 May 2012In Singapore, the PAP has made taxes for the rich a thing of the past. In 2008, for example, it abruptly and inexplicably abolished the estate duty. It has ensured that there is no capital gains tax and inheritance tax. Corporate tax is one of the lowest in the world.
The party sees no inequity when the wealthy investor is exempt from paying 7 percent GST when he buys investment-grade gold while the struggling mother pays the same tax to buy a loaf of bread.
The truth is that the much of the wealth of the richest one percent did not come just by hard work. It came also from the rewriting and abolishing of laws, policies and regulations. Full story
