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Lawrence Wong Answers Burning Questions About Budget 2022 from Netizens

2022-02-26 , 12:54 pm

If there’s one thing we love about the Ministry of Finance, it’s that they always give us trailers of upcoming announcements and debates.

The trailer for next week’s Budget debate is up, in the form of Minister Lawrence Wong answering questions from social media. Here’s what he has to say to defend the Budget’s honour.

Comprehensive, Permanent Set of Measures To Help Lower-Income

One TikTok comment says that the GST increases will only make the poor suffer as rebates aren’t going to help them in the long run.

To that, Minister Wong said that he understands the concerns over the rising cost of living, especially for lower-income families.

That’s why even though there are increases in things like GST, the Budget also provides a comprehensive set of measures to help everyone cope with the rising costs.

In fact, lower-income families will get to benefit the most from these measures. For instance, they’ll enjoy the Household Support Package, which gives them utility rebates, CDC vouchers, and help for children’s education.

There’s also another package of measures from the enhanced Assurance Package, which will provide help over the next five years.

Reader Bao: Eh, but these are still temporary leh. What about after these packages expire?

Not to worry, as there are also enhanced permanent measures in place. For instance, there are the enhanced GST vouchers, which provides families with a continuous stream of help every year.

Additionally, there are also efforts put in place to raise the incomes of lower-wage workers, through the Progressive Wage Model and Workfare.

So not to worry, TikTok commenter, as there is permanent, significant help for the lower-income groups in Singapore.

Fair and Progressive Taxes for All

If you’ve been on the Internet, you might have seen a few ‘Eat The Rich’ memes.

A Facebook comment seems to echo that sentiment, as they said that they liked this year’s Budget because of the higher taxes for the rich.

Minister Wong thanked them for their support of the Budget, saying that a lot of thought has been put into designing a fair and progressive system of taxes and transfers.

This means everyone contributes their rightful share of taxes, in return for stronger social support. After all, the government needs taxpayer money to fund all of the support schemes they have for us.

This naturally means that those who are richer would have to contribute a larger share.

This system would help to strengthen our social solidarity, and allow us to take greater steps in building a “fairer, greener and more inclusive society”.

Middle-Income Families Feel Sandwiched

Another Facebook comment on the GST increase says that it is really stressful for middle-income families.

He says that he fully understands the concerns of middle-income families, who may feel sandwiched because they don’t qualify for some support that’s extended to the lower-income.

However, Minister Wong said that the Budget is designed to have something for everyone. Middle-income groups will also receive help in this Budget.

For instance, this year, middle-income families will benefit from the Household Support Package, as well as the enhanced Assurance Package for GST and enhanced GST vouchers.

Middle-income families can also benefit from the broad range of subsidies for stuff like housing, healthcare and education.

Therefore, middle-income families actually receive pretty substantial benefits and support, when compared to the relatively lower taxes they pay as opposed to other countries.

Minister Wong also reaffirmed that the Government will continue to do everything they can to allow middle-income families to benefit as well.

Will Monitor Situation and Not Allow Unfair Price Hikes

Another really angry Facebook user commented on how businesses are likely to use GST increase as an excuse to raise prices, which would negate the benefits of rebates and vouchers.

Minister Wong said that the Government has identified this concern, and will be setting up the Committee Against Profiteering, chaired by Minister of State Low Yen Ling.

The committee will monitor the situation closely, and will take action against unfair price hikes.

So if your favourite fishball noodle hawker stall raises its prices to $10 a bowl, you know who to find.

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Busy and Stressful Times for Everyone

One last comment was actually really wholesome, and thanked Minister Wong for his hard work.

In response, he said that it has indeed been a busy time for him, but also for everyone in the Finance Ministry.

The whole team has been working hard for several months now, looking through every policy and talking to many different stakeholders to come up with the most balanced package of measures for the Budget.

Next week, MPs will be debating the Budget in Parliament. They will raise various concerns, suggestions and feedback.

On Wednesday, Minister Wong will round up the debate by addressing all concerns and suggestions. Stay tuned for more updates about the Budget next week!

You can watch the full video here: