The Singapore Democratic Party (SDP) has proposed various programmes like RESTART (Re-Employment Scheme and Temporary Assistance for the ReTrenched), RISE (Retirement Income Scheme for the Elderly), and other healthcare plan and housing policies for the benefit of the people. These policies and programmes may be especially essential for a post-Covid19 era.
However these policies have been accused of being not affordable, with online counterarguments such as “Where is the money going to come from?”. The SDP has recently addressed this funding issue with various concrete examples:
I. Cut profligate and wasteful spending
1. Reduce ministerial pay.
2. Stop the use of public funds to advertise PAP MPs and candidates through banners to newsletters to LED-display boards.
3. Exercise financial prudence in using public funds.
4. Stop mega projects that eat up tax monies.
II. Stop a 10-million population
This will put a strain on the mental well-being and overall quality of life for the people, who are already living in an overcrowded island.
III. Increase taxes on the wealthy
1. Increase personal income tax, especially for the wealthy.
2. Introduce a wealth tax for the richest of the rich.
3. Increase corporate tax to above 17%.
4. Reinstate estate duty for wealthy families/individuals who own multi-million-dollar homes and wish to pass it on to their children as inheritance.
5. Introduce capital gains tax.
IV. Use income from reserves
SDP’s estimated its RISE programme to $2.8 billion annually. This amount pales in comparison to what the PAP had spent over the four Budgets it has drawn from the reserves to deal with Covid19.