18 Feb '11, 10pm

#SGbudget: Benefits skewed towards those in the lower to middle income brackets, experts say

SINGAPORE - With greater differentiation coming in the form of new tax brackets, the tax structure will ensure that every working adult gets "a little something" - starting with tax rebates this year - but with benefits skewed towards those in the lower to middle income brackets, experts said. On Friday, Finance Minister Tharman Shanmugaratnam pointed out that Singapore has a highly progressive fiscal system, with the top 10 per cent of households accounting for 38 per cent of taxes paid - when income and property taxes, GST and other indirect taxes are included. Lower-income groups, on the other hand, get "substantially more" transfers from the Government than what they pay. For those in the second decile (or second 10-per-cent cohort) from the bottom, the transfers were equivalent to 23 per cent of their incomes over the last five years, said Mr Shanmugaratnam. He added:...

Full article: http://www.todayonline.com/Singapore/EDC110219-0000236/Us...

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