Black_Death
New member
Panopticon-3 said:
ok...well...why not say on how this will affect our daily lives...and wad not la.
ISD, come read my post about the government
- Thread starter hifi_killer
- Start date
ok...well...why not say on how this will affect our daily lives...and wad not la.
Panopticon-3
New member
which is what they been at the past 4 pages....
Black_Death
New member
but wad they are talkin abt is.....hmm...ermm....errrr...
how it affects the poor diz and tt..but wad cud've been sed..
is how it will affect them PERSONALLY..and not to speak for any low income groups or wadeva..cos no matter wad...we dunno wad its like to be in their shoes.we can only empathize with them..
personally..as a student..i dun tink it'll affect me much.well..i dun buy much..besides..if lets say i buy smth with the price of 100,the gst is 7 bucks..
juz abt 2 bucks more den the usual 5%
BUT...maebe for people who buy items which cost alot..tts a different case..
and i wont elaborate on that.
how it affects the poor diz and tt..but wad cud've been sed..
is how it will affect them PERSONALLY..and not to speak for any low income groups or wadeva..cos no matter wad...we dunno wad its like to be in their shoes.we can only empathize with them..
personally..as a student..i dun tink it'll affect me much.well..i dun buy much..besides..if lets say i buy smth with the price of 100,the gst is 7 bucks..
juz abt 2 bucks more den the usual 5%
BUT...maebe for people who buy items which cost alot..tts a different case..
and i wont elaborate on that.
Panopticon-3
New member
2 bucks more a day means 14 bucks a week means 56 bucks a month (which is about 1/10th the monthly pay of some singaporeans) means 672 bucks a year.
with that 672 bucks you could have gotten a new guitar so go figure.
with that 672 bucks you could have gotten a new guitar so go figure.
Black_Death
New member
bro..its not everyday i buy smth costing 100 bucks. :wink:
Panopticon-3
New member
i know, just explaining the impact of the 2% increase
Black_Death
New member
yea bro..i noe..tts y i sed for me..im not affected much..
but for people who spent alot..or maebe..i dunno..
yea..but there's bound to be people who feels the pinch..
and heh..postage is increased too.
but for people who spent alot..or maebe..i dunno..
yea..but there's bound to be people who feels the pinch..
and heh..postage is increased too.
ChickMagnet
New member
I admire the effort and time RoRk and SherT put into their arguments just to prove their level of intelligence
Black_Death
New member
and dun u start!
they might juz rebuke saying that they are not trying to prove their level of intelligence but trying to highlight a point or wad not.
they might juz rebuke saying that they are not trying to prove their level of intelligence but trying to highlight a point or wad not.
snuffleupagus
New member
this thread waste time only
hifi_killer
New member
rork intelligient? i hope you have read my previous post
i'll quote this paragraph again
this paragraph is proof of your arrogance and ignorance
1. you dont know what you're talking about, you are FACTUALLY wrong.(if u want an in depth explanation, pm me)
2.if you ever did care about ur image, you've have just made look like a complete fool.
3. You have lost whatever credibility you have left in the process, elite or not
4. Your oppinions no longer command any respect.
Singapore as a one party state isnt an outrageous idea, it is a pragmatic reality, and there are many people who share the same view. If you want an in depth explanation, i can do that too.
and you have quoted me out of context, i've stated one party 'democracy', notice the inverted commas? Yes i know its meant to be an oxymoron, that is why i've placed the inverted commas! You just wanna hit me back,if you couldnt find any academic concepts to back you up, and you have to resort to using this little thing. then ive got nothing to say.
i'll quote this paragraph again
RoRK said:
this paragraph is proof of your arrogance and ignorance
1. you dont know what you're talking about, you are FACTUALLY wrong.(if u want an in depth explanation, pm me)
2.if you ever did care about ur image, you've have just made look like a complete fool.
3. You have lost whatever credibility you have left in the process, elite or not
4. Your oppinions no longer command any respect.
Singapore as a one party state isnt an outrageous idea, it is a pragmatic reality, and there are many people who share the same view. If you want an in depth explanation, i can do that too.
and you have quoted me out of context, i've stated one party 'democracy', notice the inverted commas? Yes i know its meant to be an oxymoron, that is why i've placed the inverted commas! You just wanna hit me back,if you couldnt find any academic concepts to back you up, and you have to resort to using this little thing. then ive got nothing to say.
AgingYouth
New member
Anybody needs a beer?
DoubleDecker
New member
*raise hand* No more whisky ... I'll make do with a beer.
fenderrules
New member
im alright with diversity in a forum but this is ridiculous...
The-Warlord
New member
BFK FOR LOVE!
The following is a copy-paste routine from a source on the Net.
Example 1- Lower Income Bracket
In 2006, if after rebates etc and your net taxable income is $25,000, the income tax you need to pay is $187.50 (3.75%).
If you spend 25% of your income, which is $6,250, on needed goods and services, the GST paid for 5% will be $312.50.
Total taxes paid for the year : $500
In 2007, if after rebates etc and your net taxable income is $25,000, the income tax you need to pay is $175 (3.5%).
If you spend 25% of your income, which is $6,250, on needed goods and services, the GST paid for 7% will be $437.50.
Total taxes paid for the year : $612.5
Effectively, your income tax is reduced by $12.50 but you pay $125 more in GST.
Result: Net Increase of $112.50 in overall tax payable!!
From $312.50 in 2006 to $437.50 in 2007, it is an effective INCREASE of 22.5% of taxes paid... not 2%
Example 2 - Middle Income Bracket
In 2006, if after rebates etc and your net taxable income is $60,000, the income tax you need to pay is $2,700 (8.75%).
If you spend 25% of your income, which is $15,000, on needed goods and services, the GST paid for 5% will be $750.
Total taxes paid for the year : $3450
In 2007, if after rebates etc and your net taxable income is $60,000, the income tax you need to pay is $2,600 (8.50%).
If you spend 25% of your income, which is $15,000, on needed goods and services, the GST paid for 7% will be $1050.
Total taxes paid for the year : $3550
Effectively, your income tax is reduced by $100 but you pay $300 more in GST.
Result: Net Increase of $200 in overall tax payable!!
From $750 in 2006 to $1050 in 2007, it is an effective INCREASE of 5.8% of taxes paid... not 2%
Example 3 - Higher Income Bracket
In 2006, if after rebates etc and your net taxable income is $400,000, the income tax you need to pay is $61,650 (21%).
If you spend 25% of your income, which is $100,000, on needed goods and services, the GST paid for 5% will be $5000.
Total taxes paid for the year : $66650
In 2007, if after rebates etc and your net taxable income is $400,000, the income tax you need to pay is $58,700 (20%).
If you spend 25% of your income, which is $100,000, on needed goods and services, the GST paid for 7% will be $7000.
Total taxes paid for the year : $65700
Effectively, your income tax is reduced by $2950 but you pay $2000 more in GST.
Result: Net DECREASE of $950 in overall tax payable!!
it is an effective DECREASE of 1.4% of taxes paid... the rich DOES NOT pay more!
Let's not even get into those who are less well-off, ie earning less than $25K per annum. Efffectively, they will be paying more for almost everything that they purchase. And if any of you can recall, the first time GST came into play, prices for almost everything went up by a much higher percentage than the GST. This came about as proprietors jacked-up their prices to buffer themselves for the GST.
It leaves to be seen how well the less well-off are assisted after this increase in GST. Thus far, the record has been abysmal.
Let it also be known that countries with GST do not charge this tax on certain items - such as medicine, baby's items, educational items such as books - just to name a few.
Cheers
RoRK
Example 1- Lower Income Bracket
In 2006, if after rebates etc and your net taxable income is $25,000, the income tax you need to pay is $187.50 (3.75%).
If you spend 25% of your income, which is $6,250, on needed goods and services, the GST paid for 5% will be $312.50.
Total taxes paid for the year : $500
In 2007, if after rebates etc and your net taxable income is $25,000, the income tax you need to pay is $175 (3.5%).
If you spend 25% of your income, which is $6,250, on needed goods and services, the GST paid for 7% will be $437.50.
Total taxes paid for the year : $612.5
Effectively, your income tax is reduced by $12.50 but you pay $125 more in GST.
Result: Net Increase of $112.50 in overall tax payable!!
From $312.50 in 2006 to $437.50 in 2007, it is an effective INCREASE of 22.5% of taxes paid... not 2%
Example 2 - Middle Income Bracket
In 2006, if after rebates etc and your net taxable income is $60,000, the income tax you need to pay is $2,700 (8.75%).
If you spend 25% of your income, which is $15,000, on needed goods and services, the GST paid for 5% will be $750.
Total taxes paid for the year : $3450
In 2007, if after rebates etc and your net taxable income is $60,000, the income tax you need to pay is $2,600 (8.50%).
If you spend 25% of your income, which is $15,000, on needed goods and services, the GST paid for 7% will be $1050.
Total taxes paid for the year : $3550
Effectively, your income tax is reduced by $100 but you pay $300 more in GST.
Result: Net Increase of $200 in overall tax payable!!
From $750 in 2006 to $1050 in 2007, it is an effective INCREASE of 5.8% of taxes paid... not 2%
Example 3 - Higher Income Bracket
In 2006, if after rebates etc and your net taxable income is $400,000, the income tax you need to pay is $61,650 (21%).
If you spend 25% of your income, which is $100,000, on needed goods and services, the GST paid for 5% will be $5000.
Total taxes paid for the year : $66650
In 2007, if after rebates etc and your net taxable income is $400,000, the income tax you need to pay is $58,700 (20%).
If you spend 25% of your income, which is $100,000, on needed goods and services, the GST paid for 7% will be $7000.
Total taxes paid for the year : $65700
Effectively, your income tax is reduced by $2950 but you pay $2000 more in GST.
Result: Net DECREASE of $950 in overall tax payable!!
it is an effective DECREASE of 1.4% of taxes paid... the rich DOES NOT pay more!
Let's not even get into those who are less well-off, ie earning less than $25K per annum. Efffectively, they will be paying more for almost everything that they purchase. And if any of you can recall, the first time GST came into play, prices for almost everything went up by a much higher percentage than the GST. This came about as proprietors jacked-up their prices to buffer themselves for the GST.
It leaves to be seen how well the less well-off are assisted after this increase in GST. Thus far, the record has been abysmal.
Let it also be known that countries with GST do not charge this tax on certain items - such as medicine, baby's items, educational items such as books - just to name a few.
Cheers
RoRK
Black_Death
New member
woah..ok..tts some light.
hifi_killer
New member
rork if you copy and paste, the least you could do is to state where you get the source. Its common netiquette
the data you've provided has some calculation errors, and many flawed assumptions.
1. assumption that propensity for consumption is the same for all income groups
2. assumption that proportion of burden of gst on producers and consumers remains the same
3. assumption that household spending habits remain constant.
4. assumption that the average household income for the different income brackets remain the same.
*monthly income from the year '05 ,statistics from MOF
*Annual expenditure from the year '03, from Singstats
to simplify calculations, i have assumed the following constants, income, spending habits.Both are unlikely to change significantly in the year '06 and '07. Tax reliefs, rebates have not been taken into account because its gonna be very very difficult, still the poor will stand to benefit more from the it.
the reason why GST seems to affect the poor more is because, they do not pay income tax. Thus the proportion of payable tax falls entirely on the gst.
the poor may feel a little pressure from the increased gst, but it is up to them to take the pressure positively or negatively
Besides changes in consumption expenditure , the increase in gst will affect the people in many other direct and indirect ways too. Thus it is very difficult to calculate the net benefit of the poor and rich.
the data you've provided has some calculation errors, and many flawed assumptions.
1. assumption that propensity for consumption is the same for all income groups
2. assumption that proportion of burden of gst on producers and consumers remains the same
3. assumption that household spending habits remain constant.
4. assumption that the average household income for the different income brackets remain the same.
*monthly income from the year '05 ,statistics from MOF
*Annual expenditure from the year '03, from Singstats
to simplify calculations, i have assumed the following constants, income, spending habits.Both are unlikely to change significantly in the year '06 and '07. Tax reliefs, rebates have not been taken into account because its gonna be very very difficult, still the poor will stand to benefit more from the it.
the reason why GST seems to affect the poor more is because, they do not pay income tax. Thus the proportion of payable tax falls entirely on the gst.
the poor may feel a little pressure from the increased gst, but it is up to them to take the pressure positively or negatively
Besides changes in consumption expenditure , the increase in gst will affect the people in many other direct and indirect ways too. Thus it is very difficult to calculate the net benefit of the poor and rich.
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