Cooling measures won't stop wealth creation through owning homes but do combat inequality

FINANCIAL inequality can stem from disparity in wages and wealth among people. Tools to combat the former can include raising wages of lower-wage workers, curbing excessive pay of top management, and ensuring progressiveness in income tax.

Measures to curb wealth inequality can range from levying taxes on business, capital gains, inheritance and property, as well as schemes to help the less well-off own their homes and invest to build retirement nest eggs.

Private-home owners here pay recurrent property taxes as well as stamp duties on transactions that include buyer's stamp duty (BSD) and additional buyer's stamp duty (ABSD).