Guest Debrief Posted March 13 Report Share Posted March 13 I oso dun mind. I still 5 digit even after 40% deduction. Quote Link to comment Share on other sites More sharing options...
singalion Posted March 14 Report Share Posted March 14 Just bizarre, that most rich people try to avoid paying taxes by all means. In the US billionaires only pay 8% of income tax compared to 37% of those earning above 578000 US$... New OMB-CEA Report: Billionaires Pay an Average Federal Individual Income Tax Rate of Just 8.2% Quote Link to comment Share on other sites More sharing options...
singalion Posted March 14 Report Share Posted March 14 8 hours ago, Guest Debrief said: I oso dun mind. I still 5 digit even after 40% deduction. If your post is taken to be serious nobody stops you to donate the other 60 % to charities... (while max tax rate in SGP is 24% above 1 mil income)... Quote Link to comment Share on other sites More sharing options...
Guest Guest Posted March 14 Report Share Posted March 14 52 minutes ago, singalion said: If your post is taken to be serious nobody stops you to donate the other 60 % to charities... (while max tax rate in SGP is 24% above 1 mil income)... Are you paying towards CPF? Yes, the CPF which you cannot withdraw until 55 years old? Employees pays 20% of their salary into CPF and they do not get to see another 17% of the contribution by their employer till they are past 55 years old. And that is on top of whatever income taxes that they need to pay. So, if you are not paying towards the CPF, don't come here and imply to anyone that the Singapore "tax" rates are low. Quote Link to comment Share on other sites More sharing options...
singalion Posted March 14 Report Share Posted March 14 (edited) Seems some people don’t understand the concept of CPF. As to my best knowledge Employee CPF is deducted from your income and are not taxed. CPF is not a government tax. It is already false to compare CPF with income tax. There is a mental flaw if you compare CPF with income tax. Income tax is paid with no guarantee that you will benefit somehow from the pay. Compare this now with CPF. Maybe subscribe to a SkillsFuture Seminar on CPF and income tax…and take lessons what Retirement funds are about… Edited March 14 by singalion Quote Link to comment Share on other sites More sharing options...
singalion Posted March 14 Report Share Posted March 14 For those coming here to complain on CPF: In the average European countries workers pay 18 - 33% of their salary (before tax) into mandatory pension funds but with no guarantee that they will receive later what they paid into the pension fund... In fact, the payout will depend on how long you are going to live after retirement. e.g: With a monthly salary pay of Euro 2.600 for 45 years, currently you just get monthly 1,180 Euro in pension pay . This is exclusive of any medical benefits, which you need to pay extra into a medical insurance. You pay roughly 262.000 into the Pension fund... Now it depends on how long you live in retirement. You need to live another 20 years to make the break even. If you just live 10 years after retirement you lost about 120.000. Further, there is no such thing as a pay out amount/ withdrawal amount other than the monthly pension amount of 1.180 per month! I am not sure if it is adequate to complain on the CPF system in Singapore. Quote Link to comment Share on other sites More sharing options...
Balestier Posted March 14 Report Share Posted March 14 42 minutes ago, singalion said: For those coming here to complain on CPF: In the average European countries workers pay 18 - 33% of their salary (before tax) into mandatory pension funds but with no guarantee that they will receive later what they paid into the pension fund... In fact, the payout will depend on how long you are going to live after retirement. e.g: With a monthly salary pay of Euro 2.600 for 45 years, currently you just get monthly 1,180 Euro in pension pay . This is exclusive of any medical benefits, which you need to pay extra into a medical insurance. You pay roughly 262.000 into the Pension fund... Now it depends on how long you live in retirement. You need to live another 20 years to make the break even. If you just live 10 years after retirement you lost about 120.000. Further, there is no such thing as a pay out amount/ withdrawal amount other than the monthly pension amount of 1.180 per month! I am not sure if it is adequate to complain on the CPF system in Singapore. With aging population in europe, this payout may be reduced or having the younger population to pay even more to support the aging Quote Link to comment Share on other sites More sharing options...
singalion Posted March 14 Report Share Posted March 14 3 minutes ago, Balestier said: With aging population in europe, this payout may be reduced or having the younger population to pay even more to support the aging Exactly. But same could happen in Singapore also somehow. Birthrates are seriously extremely lower compared to the 1960s (guys who will retire soon). (this considering there is always an amount of Government "subsidy" in such systems [same goes for the medical benefits] e.g. the past 5 years interest rates were no way around 4%) Quote Link to comment Share on other sites More sharing options...
Balestier Posted March 14 Report Share Posted March 14 2 hours ago, singalion said: Exactly. But same could happen in Singapore also somehow. Birthrates are seriously extremely lower compared to the 1960s (guys who will retire soon). (this considering there is always an amount of Government "subsidy" in such systems [same goes for the medical benefits] e.g. the past 5 years interest rates were no way around 4%) Hopefully gic and temasek are doing a good job with good returns Quote Link to comment Share on other sites More sharing options...
Steve5380 Posted March 14 Report Share Posted March 14 If you don't mind paying 40% of your income in tax, this is fine. But if you DO mind, then come to America. I have a good middle-class income, even being retired, but I pay about 20% in federal income tax, and Texas does not have a state tax. This is quite good, considering that with this tax I get the protection of the most powerful military in the world. Quote Link to comment Share on other sites More sharing options...
Guest Guest Posted March 14 Report Share Posted March 14 8 hours ago, singalion said: For those coming here to complain on CPF: In the average European countries workers pay 18 - 33% of their salary (before tax) into mandatory pension funds but with no guarantee that they will receive later what they paid into the pension fund... In fact, the payout will depend on how long you are going to live after retirement. e.g: With a monthly salary pay of Euro 2.600 for 45 years, currently you just get monthly 1,180 Euro in pension pay . This is exclusive of any medical benefits, which you need to pay extra into a medical insurance. You pay roughly 262.000 into the Pension fund... Now it depends on how long you live in retirement. You need to live another 20 years to make the break even. If you just live 10 years after retirement you lost about 120.000. Further, there is no such thing as a pay out amount/ withdrawal amount other than the monthly pension amount of 1.180 per month! I am not sure if it is adequate to complain on the CPF system in Singapore. Are Singaporeans paid in Euros? No. Are Europeans paying thousands of dollars per square FOOT for some tiny living spaces which may have a lease of only 99 years? No .... If you think the CPF returns are guaranteed, you go read the fine print again. If you think the CPF "pension" payout is going to be less than 20 years, you go count again. If you feel that the CPF is such a great system, then why dun you give me 37% of your salary? In return, I will promise that you get 2.5% or 4% returns till you reach the age of 55 years old, with no guarantees. You just have to trust my word on that. Sounds good, stupid? Quote Link to comment Share on other sites More sharing options...
Steve5380 Posted March 14 Report Share Posted March 14 3 hours ago, Guest Guest said: If you feel that the CPF is such a great system, then why dun you give me 37% of your salary? In return, I will promise that you get 2.5% or 4% returns till you reach the age of 55 years old, with no guarantees. You just have to trust my word on that. Sounds good, stupid? Yes, super stupid. If you think that you have the same credibility deserving of the same trust as the government of Singapore, you qualify to exercise your credibility in a mental institution. Quote Link to comment Share on other sites More sharing options...
Guest Guest Posted March 15 Report Share Posted March 15 7 hours ago, Steve5380 said: Yes, super stupid. If you think that you have the same credibility deserving of the same trust as the government of Singapore, you qualify to exercise your credibility in a mental institution. Hey super dumbo, if you think any politicians and/or governments in the world is deserving of any kind of trust at all, you don't live in this universe. Quote Link to comment Share on other sites More sharing options...
Steve5380 Posted March 15 Report Share Posted March 15 18 minutes ago, Guest Guest said: Hey super dumbo, if you think any politicians and/or governments in the world is deserving of any kind of trust at all, you don't live in this universe. Singapore has for sure a quite stable government. This means that things don't change on a whim, like the mind of a super dumbo who wrote to @singalion that he should trust his word. 😄 The fact that you can get some goods in exchange for some pieces of paper ( the Singapore currency ) means that the Singapore government who backs these papers has much more credibility than any papers YOU could give out. And the laws of your country don't change on the whims of any of your dirty politicians, it takes a majority of them to change your laws, and this takes time. Quote Link to comment Share on other sites More sharing options...
Guest Guest Posted March 15 Report Share Posted March 15 2 hours ago, Steve5380 said: Singapore has for sure a quite stable government. This means that things don't change on a whim, like the mind of a super dumbo who wrote to @singalion that he should trust his word. 😄 The fact that you can get some goods in exchange for some pieces of paper ( the Singapore currency ) means that the Singapore government who backs these papers has much more credibility than any papers YOU could give out. And the laws of your country don't change on the whims of any of your dirty politicians, it takes a majority of them to change your laws, and this takes time. No government in the world will remain stable forever. And what makes you think they have not changed things on a whim before? If you do not even know how the Singapore government works, you should not be making any comments here. Quote Link to comment Share on other sites More sharing options...
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