#SGBudget2022: Wong's tax philosophy: Everyone must chip in, but those with more contribute more

In delivering his Budget statement on Friday (Feb 18), finance minister Lawrence Wong rejected Europe’s model of high taxes and universal welfare, but opts instead for one where "everyone chips in... but those with greater means contribute a larger share".

The Budget raised the personal income tax rate for top earners, increased taxes on residential properties, and imposed a higher tax rate on luxury cars, which he said contributes to a “fairer revenue structure”.

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