Wealth tax: not a magic bullet for wealth inequality
It needs to be finely calibrated to target the top echelons of wealth, and collections should ultimately be channelled towards redistributive measures
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THE imposition of some form of wealth tax is a hotly anticipated subject in the upcoming Budget, next to the expectation of a GST hike.
In the short term, a wealth tax would help to expand the government's revenue. In the longer term, it may help to address Singapore's widening wealth disparity.
Government officials have emphasised the need to build a more inclusive society. Certainly Singapore's social expenditure for items like health and education has been rising. With an ageing population, healthcare expenditure is expected to triple to nearly S$60 billion a year by 2030.
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