Will minimum wage laws work here?

[mummy1234]

What you don’t understand is that ultra rich can just pack up and leave. As middle class, you can’t. Don’t tax you tax who?

Many in middle class r migrating to US and Australia too. I would love to migrate but hubby refuses to.

 

[Merg91]

I pay my kopitiam cai png /kopi O is a form of charity too.
I prefer direct help.

My wife gives $10 for a $9 car wash.
A charity too.

I help my friends when they need help. That is a form of charity. And my maid too. I prefer direct help instead of through intermediaries nowadays as some cannot be trusted.

 

[Merg91]

Dont embarrass yourself in politics.
Singapore Parliament would be a joke if Dr Chee & you are in.

Who stops you from talking /speak out for the poor?
But be more rational & practical.

Don't worry, I am not a politician.....but I believe in freedom of speech....

 

[napoleon bohlumpar]

Please give ur valued inputs and explain why it is not feasible cause I am for minimum wage.

cannot.............S'pore economy will collapse..........big bosses will no longer be able to hire cheaper FTs and short-change Sinkies.........

the game will be up.........pro-FT and pro-elite PAP will never allow it........

 

[fzhfzh]

Many in middle class r migrating to US and Australia too. I would love to migrate but hubby refuses to.

Middle class in sg almost don’t pay any tax at all, what squeezed? You should actually go to US or aus and see what’s squeezed middle class. I pay almost 50% of my income in US as taxes. That’s squeezed, sg you get cheap hdb housing, almost no taxes, I don’t see how is that called squeezed.

 

[henrylbh]

I pay my kopitiam cai png /kopi O is a form of charity too.
I prefer direct help.

My wife gives $10 for a $9 car wash.
A charity too.

My manager's charitable act cause me pain

We parked out cars at a quite hotel where we stayed overnite somewhere in Seremban on the way to KL.

In the morning, the car washer offered to wash his car and he agreed. The car washer without asking also washed my car.

My manager being charitable gave him RM10 without him saying the price. Off course he happy like F.

Later when I collected my car, I was also charitable and gave him RM5 without him asking

The car washer demanded RM10 saying that my friend paid RM10.

RM10 was 30 years ago and that's quite a sum then when hotel room was only RM50.

These days I pay RM10 I have a good wash in JB.

 

[henrylbh]

Middle class in sg almost don’t pay any tax at all, what squeezed? You should actually go to US or aus and see what’s squeezed middle class. I pay almost 50% of my income in US as taxes. That’s squeezed, sg you get cheap hdb housing, almost no taxes, I don’t see how is that called squeezed.

Who say middle class almost don't pay any tax at all. Their tax rates have been reduced substantially (by more than half) for the middle class and the rich, on top of higher reliefs. Last time the top tax rate was 45%.

But I do agree they are not squeezed.

 

[Merg91]

Would mummy agreeable to this Australia system
here in Singapore?
Their GST is 10% & UK 20%

Highlight for her:
Australia workers are all the same class. Once you are 6-7k and above they will tax you to death. End up similiar to 3-4k people. And if you 2k they will bring you up to 3-4k.
Imagine you are in the 5 digit pay. Look at the amount of tax you pay.

from Edmw Sin-Aussie thread :

If you are median or low income yes.

For medium high to high income, the income tax of australia can kill.

I lived in australia for some years. Completely agree with you.

What you dont see though, is

Their tax for the upper percentile is the reason why those people prefer singapore. And for those ppl, the happiness index is higher here with the savings.

If you are prefering australia it only meant you either have not reach that income tax level to feel the pain, or that you are a super rich and can afford to pay so much tax for happiness.

Australia workers are all the same class. Once you are 6-7k and above they will tax you to death. End up similiar to 3-4k people. And if you 2k they will bring you up to 3-4k.

Imagine you are in the 5 digit pay. Look at the amount of tax you pay.

Seriously pay coe, erp and overprice car also better. 2 years of tax savings can pay in full already.

This type of things no need to argue one. What is good for you may not be good for others.

 

[Merg91]

Those who suggest minimum sum must know more it is not that simple.
South Korea is mostly South Korean workers unlike here.

Meanwhile in South Korea :
Moon's signature policy of income-led growth to stimulate consumption and the economy has shown no results so far. Higher minimum wages have led to layoffs by small-business owners unable to afford them. Unemployment worsened to 4.5% for January, when the minimum wage rose 10.9%. June's jobless rate of 4% improved on this but remained above the 3.6% of May 2017, when Moon took office.
https://asia.nikkei.com/Economy/South-Korea-s-minimum-wage-hike-campaign-deflates

 

[fzhfzh]

Those who suggest minimum sum must know more it is not that simple.
South Korea is mostly South Korean workers unlike here.

Meanwhile in South Korea :
Moon's signature policy of income-led growth to stimulate consumption and the economy has shown no results so far. Higher minimum wages have led to layoffs by small-business owners unable to afford them. Unemployment worsened to 4.5% for January, when the minimum wage rose 10.9%. June's jobless rate of 4% improved on this but remained above the 3.6% of May 2017, when Moon took office.
https://asia.nikkei.com/Economy/South-Korea-s-minimum-wage-hike-campaign-deflates

Yup, that’s why they have such a big employment problem now and a lot of Koreans come to Singapore. Because of the minimum wage, companies are a lot more picky about hiring and it’s getting really bad. They are also worked to 1-2 am everyday. My wife is Korean, I would know better. She prefer the Singapore system any day of the year.

 

[Merg91]

Many low end workers here are also foreign workers unlike S Korea.
Many local /consumers would not be happy Malaysians /Bangladeshi /Filipinos /Indians collecting S$2—3k /month for the lowest works.
Ultimately many Sinkies would end up paying.

Most money are sent back to their home countries like Mummy56789' maid.
This Mummy56789 would still happy paying her S$3k as she works almost round the clock for her except Sundays. It is a 'charity' for her.

Many production factories would instantly move out
of Singapore too. Job loss for Singaporean management/supervisors/landlords /food.

 

[henrylbh]

Today got news mentioning that maid got $2m from her Singaporean employer Another $2m was 'cheated' by a foreigner cause the Singaporean got dementia.

 

[intime]

Today got news mentioning that maid got $2m from her Singaporean employer Another $2m was 'cheated' by a foreigner cause the Singaporean got dementia.

All I can think of to help myself is CPF Life and private annuity plans that disburse me money monthly... even if I this month get cheated, next month I still got money...

Are there better financial tools to help me prepare for "potential" dementia in the future?

 

[mummy1234]

All I can think of to help myself is CPF Life and private annuity plans that disburse me money monthly... even if I this month get cheated, next month I still got money...

Are there better financial tools to help me prepare for "potential" dementia in the future?

If worried about dementia, better get yr LPA ..Lasting Power of Attorney which specifies who u want to help take charge of yr finances and livelihood should u get dementia ...please google to find out more and AMD ...Advanced Medical directive which helps u save money in not prolonging inevitable death....get these 2 done...very impt....my mum already did both....

 

[Merg91]

The evil MNCs with evil accountants.
This loophole should be stopped.

Ireland is fighting against an order to claw back a record 13 billion euros in back taxes from Apple.

https://www.channelnewsasia.com/new...-fiat-million-euro-tax-orders-on-sep-11929146

 

[fzhfzh]

The evil MNCs with evil accountants.
This loophole should be stopped.

Ireland is fighting against an order to claw back a record 13 billion euros in back taxes from Apple.

https://www.channelnewsasia.com/new...-fiat-million-euro-tax-orders-on-sep-11929146

that's actually ***** dumb. Rules were set by Europe, Apple played by the rules, now Europe want more money and want to retroactively change the rules and make Apple pay more. Which company will still trust European law if this passes?

 

[MatrixTwo]

Middle class in sg almost don’t pay any tax at all, what squeezed? You should actually go to US or aus and see what’s squeezed middle class. I pay almost 50% of my income in US as taxes. That’s squeezed, sg you get cheap hdb housing, almost no taxes, I don’t see how is that called squeezed.

Highest Marginal income tax rate
US 37%
Aus 47%
SG 22%


I though the rich will fund all the welfare in these high tax rate countries? Why does the middle income get squeezed?

 

[fzhfzh]

Highest Marginal income tax rate
US 37%
Aus 47%
SG 22%

I though the rich will fund all the welfare in these high tax rate countries? Why does the middle income get squeezed?

Not sure about aus. But that’s just federal tax, US have state tax as well, of 12% in California. So it could go up to as high as almost 50%. Because this is income tax, rich people make money from capital gains not income.

 

[BBCWatcher]

Highest Marginal income tax rate
US 37%

No, that's not correct. It's actually currently 40.8%, because there's a 3.8% Net Investment Income Tax (NIIT) that can also apply. The top marginal U.S. income tax rate on interest income, for example, is 40.8%.

Not sure about aus. But that’s just federal tax, US have state tax as well, of 12% in California.

No, the top marginal income tax rate in California is 13.3%. Residents of San Francisco have an additional 1.5% income tax rate on earned income.

It used to be possible to deduct state and local income taxes (and some other taxes) from one's U.S. federal income tax, but that particular deduction is now limited to US$10,000. So a California resident really could have a combined top marginal income tax rate of 54.1%. The NIIT (on passive income) is higher than San Francisco's 1.5% (on earned income), so that's how to get as high as 54.1% -- a high income person or couple with bank interest, for example, who live(s) anywhere in California.

Hawaii and New Jersey currently have the next highest top marginal income tax rates among states.

 

[Merg91]

Just because you may get less later once the fine /loopholes closed?

that's actually ***** dumb. Rules were set by Europe, Apple played by the rules, now Europe want more money and want to retroactively change the rules and make Apple pay more. Which company will still trust European law if this passes?