Arguably, and we do believe, the best Finance Minister in the world has spoken.
Finance Minister Tharman Shanmugaratnam took to the rally stage on Saturday night to warn Singaporeans to “see through” the opposition’s “false promises”.
“There is no country in the world that has been able to provide something for everyone without raising taxes for the middle-income group – not France, not Germany, not the UK,” said Mr Tharman.
“The middle class pays very high taxes in order that everyone gets something. It’s a very expensive system for the middle class – not just for the rich.”
Alluding to the Workers’ Party’s proposal to increase taxes on the wealthiest group, Mr Tharman said: “I’ve been studying it for years. You can’t do it by just taxing the top 1 per cent. That’s a bluff. First, because the top 1 per cent know how to move money around the world.
“But secondly, you can’t jack up the tax rate for the top 1 per cent without affecting the next 5 or 10 per cent.”
“So, when you think of free healthcare and free social services, you must realise it is not free. The average citizen is paying for it big time in these countries… because everybody, including the rich, is benefitting,” he added. “It is a complete myth to think they are egalitarian systems.”