28 Aug '12, 4am

Do you agree with my views on GST?

The Goods and Services Tax (GST) is a regressive tax. It takes a higher proportion of the income of the poor, compared to the rich. Most people felt that is is bad. However, the proponents have put forward a few reasons why they felt that GST is good for Singapore. I like to state some of these reasons and point out why there are fallacious. 1. GST is a tax on spending. It is good to encourage people to save, instead of spend. Fallacy: Most people, except the very rich, have to spend almost all of their wages to meet the daily necessities. They do not have any choice to avoid this spending. The tax hits them hard, by adding to their burden. 2. GST is an efficient tax, as it has a low cost of collection. Fallacy: It may be low cost to the tax collectors, but it adds a high cost to the business to account for the input and output tax. Nearly all transactions have to be accou...

Full article: http://tankinlian.blogspot.com/2012/08/fallacies-of-gst.html

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