We must acknowledge that GST hikes have added to inflation pressures, but at the same time, financing essential services like healthcare, housing, and transportation is critical for Singapore’s future.
To meet growing needs sustainably, I propose three strategies.
First, adopt a more progressive tax approach — for example, higher property taxes on luxury homes and heavier stamp duties on multiple property owners, so that those with greater means contribute more.
Second, focus on growing revenues through economic expansion — by investing in industries like green tech, biotech, and digital economy to naturally widen our tax base.
Third, improve spending discipline by reviewing large infrastructure projects for efficiency and value.
Inflation and rising costs are real, but over-relying on broad-based taxes like GST is not the only way forward. With fairer taxation, smart growth, and better spending, we can finance Singapore’s future needs without overburdening ordinary Singaporeans.