Tharman going after high end properties investor /owner

[Lovelle]

Wow ccr kana liao

[phantom_opera]

As expected ... CM7.5 .. landed property gets bashing (saving to lower end means??)

DPM Tharman: Top 1% (12,000) of owner-occupied residential properties will have higher taxes. However, 950k lower-end units will have savings. Eg: A landed property in central area with annual value of $150,000 will see an increase in property tax of $5,120 per year.

investment property tax is even worse !!!

New marginal property tax rates of 12% to 20% for investment properties

[hutsutau]

heng, i am poor folk. not affected. Good thing about being contended

[desfrie]

In the scheme of things, 5k increase is small change to these households. I dun mind paying such taxes if I could afford those properties!

As expected ... CM7.5 .. landed property gets bashing (saving to lower end means??)

DPM Tharman: Top 1% (12,000) of owner-occupied residential properties will have higher taxes. However, 950k lower-end units will have savings. Eg: A landed property in central area with annual value of $150,000 will see an increase in property tax of $5,120 per year.

investment property tax is even worse !!!

New marginal property tax rates of 12% to 20% for investment properties

[solsys]

Lol..... OCR huat.... at least government being fair now....

Everytime CCR huat, then they are really too elitist.

[Wild Falcon]

Property tax is immaterial. Just to con the people who don't know. The $150k AV landed property is a GCB and property tax is only $5k. Does it matter?

[desfrie]

Like that OCR huat? People in CCR playing a totally different ballgame. At most they buy 1 less Channel bag. Life goes on.

Lol..... OCR huat.... at least government being fair now....

Everytime CCR huat, then they are really too elitist.

[Wild Falcon]

And only 12,000 properties and top 1% of property is affected. which means ALMOST ALL ARE GCB. All those condos in whatever R be it OCR or CCR CANNOT MAKE IT and will not be subject to higher taxes.

[phantom_opera]

Property tax is immaterial. Just to con the people who don't know. The $150k AV landed property is a GCB and property tax is only $5k. Does it matter?

but if you stay in CCR and own a few CCR as investment will pay more tax right??

it is the overall impact mah

[solsys]

Like that OCR huat? People in CCR playing a totally different ballgame. At most they buy 1 less Channel bag. Life goes on.

Ok, wrong word.

Here's the better analogy.

OCR got a paper cut, CCR lost a kidney.... but CCR very rich can buy kidney transplant from black market.

[Wild Falcon]

i think not material lor. Just to appease the people with a rule that seems punishing to the "rich" but in reality is not

but if you stay in CCR and own a few CCR as investment will pay more tax right??

it is the overall impact mah

[solsys]

And only 12,000 properties and top 1% of property is affected. which means ALMOST ALL ARE GCB. All those condos in whatever R be it OCR or CCR CANNOT MAKE IT and will not be subject to higher taxes.

Singapore has 12,000 GCBs?

Wow, sorry I'm mountain tortoise.

[phantom_opera]

And only 12,000 properties and top 1% of property is affected. which means ALMOST ALL ARE GCB. All those condos in whatever R be it OCR or CCR CANNOT MAKE IT and will not be subject to higher taxes.

are u sure? news said there are 2 more bands created i.e. 8% and 16% for owner occupied properties and 12-20% marginal tax rate for investment properties

[desfrie]

Lol...yes that looks like a better analogy!

Ok, wrong word.

Here's the better analogy.

OCR got a paper cut, CCR lost a kidney.... but CCR very rich can buy kidney transplant from black market.

[phantom_opera]

investment property tax:

[Wild Falcon]

Oops. Sorry, thought it was 1,200.

But frankly, I still think it's not that material. To really hurt the "rich" is to make the income tax more progressive. Currently the income tax hurts the middle class the most.

I know one reaches max tax bracket (20%) with an income of only $400k or so. That's really not fair for those earning $400-$500k because these are only middle class and yet got taxed the highest bracket- same as those making millions. What the government really should do is to charge higher tax rates for those earning MILLIONS per year. Times have changed and earning $500k is mere middle class - and civil servants and Ministers and bankers are paid millions. So a more progressive tax system with those earning in excess of millions say 30% tax or so should work. And use the money to help the poor.

Singapore has 12,000 GCBs?

Wow, sorry I'm mountain tortoise.

[electron]

Hmm the new rules mean that since I own an HDB (rented out) and live in private, and already pay investment rate for both, I will kena a double increment (each property's tax increases) right?

[Wild Falcon]

Not material lah... who cares about a few hundred or thousand increase in property tax per year?

investment property tax:

[phantom_opera]

wow Wild Falcon .. earning 500k is middle class ... your standard really atas ... are u hinting you are "middle class"

Your annual income of $300,000
is higher than 96.5% of all resident taxpayers.

if a salesman like Cecilia I can understand

clap clap clap

[buttercarp]

Oops. Sorry, thought it was 1,200.

But frankly, I still think it's not that material. To really hurt the "rich" is to make the income tax more progressive. Currently the income tax hurts the middle class the most.

I know one reaches max tax bracket (20%) with an income of only $400k or so. That's really not fair for those earning $400-$500k because these are only middle class and yet got taxed the highest bracket- same as those making millions. What the government really should do is to charge higher tax rates for those earning MILLIONS per year. Times have changed and earning $500k is mere middle class - and civil servants and Ministers and bankers are paid millions. So a more progressive tax system with those earning in excess of millions say 30% tax or so should work. And use the money to help the poor.

I agree with Wild falcon.
Earning $400-500k per year IS middle class!
You are comfortable but you need to watch what you spend and if you have kids studying abroad, you cannot think of living luxuriously.

[phantom_opera]

I agree with Wild falcon.
Earning $400-500k per year IS middle class!
You are comfortable but you need to watch what you spend and if you have kids studying abroad, you cannot think of living luxuriously.

there is a diff between one person earning 500k and family earning 500k u know

[blackjack21trader]

"An angel takes the human form: listen not to the bird in the sky, but the ghost walking on earth. for angels walks on Earth as spirits, not fly as birds in the sky"

-wise words by BJ21T

[blackjack21trader]

"An angel takes the human form: listen not to the bird in the sky, but the ghost walking on earth. for angels walks on Earth as spirits, not fly as birds in the sky"

-wise words by BJ21T

WOAHAHEHEHEHEHE

I AM SO HANDSOME.

[phantom_opera]

"An angel takes the human form: listen not to the bird in the sky, but the ghost walking on earth. for angels walks on Earth as spirits, not fly as birds in the sky"

-wise words by BJ21T

I really feel sad today ... when 500k personal income is considered middle class ... how about this family? No wonder Ngiam Tong Dow said the coming riot is not racial/religion rather it is rich vs poor

[blackjack21trader]

WOAHAHEHEHEHEHE

I AM SO HANDSOME.

http://www.youtube.com/watch?v=Pt13OAYXhPU

NOW YOU BELIEVE I GOT 3 EYES LIAO BO ?

[roly8]

Wow ccr kana liao

yea..
ccr property's tax up by so much!!

[blackjack21trader]

I really feel sad today ... when 500k personal income is considered middle class ... how about this family?

Dun worry about it, good brother. in time soon to come, you will be able to see clearly

[buttercarp]

there is a diff between one person earning 500k and family earning 500k u know

Ya. Thanks for pointing out the obvious which may sometimes be overlooked.
So if one person earn 500k per year and has 8 children and a non working spouse, it is almost the same as a person earning 150k per year with a non working spouse and 1 child.

I was really hoping that they would extend child income tax relief for working fathers.

[roly8]

I agree with Wild falcon.
Earning $400-500k per year IS middle class!
You are comfortable but you need to watch what you spend and if you have kids studying abroad, you cannot think of living luxuriously.

jiejie, don't tell me pple around you are earning this range?

[Doom]

WOW! Amazing there are people who feel that $500,000 income a year is middle class!! And to think that Mitt Romney's got villified and mocked last year for saying that middle class income is $250,000 a year!!! The averrage American family, by the way, makes $50,000 a year. Don't have the stats for S'pore but . . . . half a million a year is middle class? Seriously . . . Singapore boleh!