Extensive public housing via the HDB system means that most Singaporeans, even the less affluent, own their own homes giving them a chance to hold property wealth.
He identified access to property investments and inherited wealth as the key drivers of inequality as the rich are increasingly getting richer not by hard work but by investing in real estate. Menon suggested introducing property gains and inheritance taxes as a way to address inequality. This would be a bold move as Singapore has long positioned itself as low tax and a haven for high net worth individuals.
The rich will simply take their wealth to other offshore havens and hire accountants and lawyers to help them pay less tax.
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