ST opinion: Windfall gains from selling flats should be taxed

[Throttle2]

Just now, inlinesix said:

Just mandate that to be sold back to HDB.

That will remove all profiteering.

Yes, perfect.  Also highlighted before previously.  
Many ways to solve real issues. 
takes real guts to do so.

 

[Windwaver]

36 minutes ago, DOBIEMKZ said:

Or maybe 10 years free of hdb season parking.😁😁

Maybe add a personalized parking lot 

[Nolicense]

i didnt read through the whole pages of posts.

i just thought why bother with taxing? why not just do away with the hdb subsidy? why not do away with the upgrader subsidy?

if give subsidy, this means people will sell at mkt price after mop and pocket the discount afterall. tax a bit is really not getting much of the subsidy back.

and the mkt price is supposedly "free mkt forces" which who believe?

[Nolicense]

40 minutes ago, Weez911 said:

Whether you like or don't like, it will come. Not just asset tax.. I think the GST increase, capital gain, inheritance tax, obesity tax, and whatever other tax u never hear before will come.

estate duty done away years ago due to you know who. or dont you know?

[Nolicense]

15 hours ago, Jtis said:

Completely agree because this is supposed to be public housing, not private housing. The way things are going, housing prices are escalating because it is being pushed up by expectations from a few outlier transactions, and I am worried if the next generation can afford HDB prices. Everyone is expecting to profit handsomely from selling their HDB. Taxes won't work because it will just jack prices further up, the only way IMO is to try to remove the ability for ppl to get a windfall from selling their HDB housing.  

Increased MOP is potentially a gd idea, although there are potentially practical drawbacks like if families somehow need to upgrade to a bigger place for an expanding family.  If only there is a requirement to return the flat to hdb at a fair price for selling, for balloting by new flat applicants. That removes the windfall factor and the incentive to drive prices up. But then, I am realistic that probably won't work cos the real estate industry will be badly impacted if that source of revenue is removed. 

actually mop 10 maybe hard. people already kao beh when stay bukit batok and work in Jurong. lol..

so mobility will be affected. why have mop? because of subsidy. get rid of subsidy then no mop.

resale high price means hdb can peg bto to higher price. if they dun do that it is called "raiding the reserves" you know who said it.

[Jtis]

57 minutes ago, Throttle2 said:

Impose a new tax.  
any hdb sold above a certain percentage of its original price will be taxed accordingly,  different tiers.  If sellers then want to raise their prices and stupid buyers are there to pay, then all good. Win win win. 
 

or grants need to be returned when hdb is sold.  Only fair since hdb is to house the public. Not for profiteering.  So if you receive a lot of grants when buying then when selling, you return the grants accordingly.  MOP raise to 10yrs.  If any hanky panky is detected, hdb to be confiscated.    Agents who try to be gurus, get their licence revoked.

Singapore will be so much better…..ah……..
 

Mai lah pls... i just hope not everything will be solved with more and more taxes.

 

if there are buyers out there that are cash rich and pay the jacked up pricing that includes the taxes imposed on sellers, then we don't solve the issue of escalating housing prices for our children. It's a vicious cycle, if resale market prices go up, then BTO prices follow suit, since it is set by benchmarking market prices. It will never end.

[Throttle2]

3 minutes ago, Jtis said:

Mai lah pls... i just hope not everything will be solved with more and more taxes.

 

if there are buyers out there that are cash rich and pay the jacked up pricing that includes the taxes imposed on sellers, then we don't solve the issue of escalating housing prices for our children. It's a vicious cycle, if resale market prices go up, then BTO prices follow suit, since it is set by benchmarking market prices. It will never end.

Sell back to hdb lor. At inflation pegged price less grant.  

[Nolicense]

3 minutes ago, Jtis said:

Mai lah pls... i just hope not everything will be solved with more and more taxes.

 

if there are buyers out there that are cash rich and pay the jacked up pricing that includes the taxes imposed on sellers, then we don't solve the issue of escalating housing prices for our children. It's a vicious cycle, if resale market prices go up, then BTO prices follow suit, since it is set by benchmarking market prices. It will never end.

all the absd and whatever already included in the price mah. 

fleece rich immigrants is ok. fleece rich downgraders is ok. but everyone else get fleeced is called contributing to reserves.

[Sturtles]

1 hour ago, inlinesix said:

Just mandate that to be sold back to HDB.

That will remove all profiteering.

That is exactly my thoughts for many years

But the devil's in the details...

1. Good location still commands higher rentals, and without asset appreciation(ie. return to HDB for cash back), a lower priced HDB would have incredible rental yield

2. If mandated to return the flat once address is not used, then it may well be just a rental flat. 

3. Subsequently, its difficult to spin the story where we have a stake in the country, when 70+% of the population is just on short rental leases 

 

I think HDB could well challenge the public on what is a good plan, without the use of Taxpayer's monies...

Lim Kim San has opened a good can of tuna, and currently, its slightly putrid, but the can has to be kicked down the road...

HK got their breathing space when it returned to CN post UK.

[Wt_know]

next time can tax based on where you live … huat ah!!!

https://blog.seedly.sg/monthly-household-income-singapore-comparison-district-where-you-stay

[mersaylee]

On 6/29/2021 at 4:28 PM, Jamesc said:

Tax them too.

Just to be fair not that they want to.

Tax more on everyone...millionstars even more...😁

[Throttle2]

1 hour ago, Wt_know said:

next time can tax based on where you live … huat ah!!!

https://blog.seedly.sg/monthly-household-income-singapore-comparison-district-where-you-stay

Talk cock again this report. Where the f**k got so low????

 

[Tedlhw]

23 hours ago, Throttle2 said:

Sell back to hdb lor. At inflation pegged price less grant.  

My solution is quite simple. Not everything needs to be a tax.

Change the subsidies to be like equity/co-invest. Will be fair to many ppl.  

Example;  New flat, market price 500k, govt subsidise 200k. Equity 40%. 

At sale, 1 mil, Fella selling gets 600k back. govt gets 40% equity, so 400k.   

Its not really a tax, its a co-investment, capped at max 49% for the govt.

i also let you choose what the co-investment amount should be right at the start.

What then happens: 

1) One can enjoy full upside cos if can afford it.  You no need co-investment? Sure. No need leech off taxpayers. Good job-HDB sells the full price to these guy at full price.  

2) Need help? Taxpayers co-investment with you. Again, any upside, taxpayers will gain too. So this money is not spent on subsidies, but it can be marked as an asset in the books. 

It shifts the resources to where it is really needed, and taxpayers are investing, not spending. 

 

Not everything needs to be  a tax.  

It also weans ppl off the subsidy, thus defeating the current 不拿白不拿mentality. Now i can give you help, but no upside on my subsidy cum co-investment. Ppl rethink. 

Eg the ppl under declare income qualify for subsidy one, will think aiya bo hua... i dont need co-investment cos sure make money. 

Those who really bo pian, cant see so far in the future. Need place to stay now. Co-invest as high as possible.

My 2 cents to this issue.  

[Throttle2]

6 minutes ago, Tedlhw said:

My solution is quite simple. Not everything needs to be a tax.

Change the subsidies to be like equity/co-invest. Will be fair to many ppl.  

Example;  New flat, market price 500k, govt subsidise 200k. Equity 40%. 

At sale, 1 mil, Fella selling gets 600k back. govt gets 40% equity, so 400k.   

Its not really a tax, its a co-investment, capped at max 49% for the govt.

i also let you choose what the co-investment amount should be right at the start.

What then happens: 

1) One can enjoy full upside cos if can afford it.  You no need co-investment? Sure. No need leech off taxpayers. Good job-HDB sells the full price to these guy at full price.  

2) Need help? Taxpayers co-investment with you. Again, any upside, taxpayers will gain too. So this money is not spent on subsidies, but it can be marked as an asset in the books. 

It shifts the resources to where it is really needed, and taxpayers are investing, not spending. 

 

Not everything needs to be  a tax.  

It also weans ppl off the subsidy, thus defeating the current 不拿白不拿mentality. Now i can give you help, but no upside on my subsidy cum co-investment. Ppl rethink. 

Eg the ppl under declare income qualify for subsidy one, will think aiya bo hua... i dont need co-investment cos sure make money. 

Those who really bo pian, cant see so far in the future. Need place to stay now. Co-invest as high as possible.

My 2 cents to this issue.  

Heh heh you really thinking like you are working, arent you dude?  

[Showster]

12 hours ago, Throttle2 said:

Talk cock again this report. Where the f**k got so low????

 

Go and read what’s meant by median first lah…

[Tedlhw]

@Throttle2 

Haha.. it  shows hor. But i actually think this thing might work.

HDB can then sell this assets to Temasek or GIC or another affiliated fund. Since these assets are owned by HDB, and thus AAA rated, there's no need to be risk weighted or low risk weighted. Then can take leverage on them. then woohoo! More money!

[Kklim]

Stop incorporating land cost into HDB prices and they'll be more affordable. Also require new PRs to wait minimum number of years before they can buy new or resale flats.

[Wt_know]

16 minutes ago, Kklim said:

Stop incorporating land cost into HDB prices and they'll be more affordable. Also require new PRs to wait minimum number of years before they can buy new or resale flats.

PR cannot buy new BTO unless partner with 1 x SC spouse

PR can buy resale ... this 2013 rule for "newly-minted" PR removed liao ar?  

Edited July 1, 2021 by Wt_know