A discussion on wealth inequality in Singapore has emerged online after a Reddit user called for the introduction of a wealth tax, citing recent developments in New York as inspiration.
The user made the remarks in a post arguing that the rich in Singapore should be taxed more, and that the country should take stronger steps to reduce the wealth gap.
In the post, the Original Poster (OP) said the gap between the rich and the poor should be reduced.
“No rich must be far richer and the wealth gap must be narrowed (sic),” they wrote.
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They also criticised Singapore’s approach of attracting wealthy individuals, adding that concerns about higher taxes driving them away are overblown, and pointing to New York as an example they believe Singapore should follow.
The Reddit post referenced a proposal in New York backed by Governor Kathy Hochul and New York City Mayor Zohran Mamdani, which would introduce a pied-à-terre tax on high-value second homes owned by ultra-wealthy non-residents.
Source: Zohran Kwame Mamdani on Facebook
The proposed surcharge would apply to second homes in New York City valued above US$5 million (around S$6.4 million), with the plan projected to raise more than US$500 million (around S$640 million) annually.
These are homes that are not the owners’ primary residences, and the proposal is aimed at people who do not live in the city full-time or pay New York City income tax, but still benefit from the city’s services.
The idea is to ensure that ultra-wealthy property owners contribute more to public spending without raising taxes on city residents.
The discussion drew mixed reactions, with some supporting higher taxes on the wealthy as a way to address inequality and rising costs, while others questioned whether such measures would work in Singapore’s economic model.
Some agreed strongly with the sentiments, with a few directing blame at landlords in Singapore.
Source: Reddit
Another user pointed out that governments still need to raise revenue, suggesting that if wealth is not taxed, the burden will likely fall elsewhere.
They also argued that large amounts of “idle” wealth in the country could be driving up prices, contributing to Singapore’s high cost of living.
Source: Reddit
An American commenter disagreed with the OP, arguing that Singapore’s system differs significantly from that of the United States (US) and does not require the same approach.
Source: Reddit
They pointed out that Singapore relies heavily on state-linked revenue sources, such as government-owned real estate and investment returns from entities like Temasek, rather than high taxes.
In contrast, they said the US has lower taxes without equivalent revenue streams, which has contributed to rising inequality, national debt, and weaker social safety nets, issues they believe underpin calls for wealth taxes there.
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