[Video] Debate on Motion of Thanks to the President: Seah Kian Peng on Moderating Income Inequality

He pointed out that an individual’s net worth is not the same as net income as the former includes ownership of capital, property, stocks, and businesses. Mr Seah thus reiterated his previous call to tax the rich more, especially on expenditures such as super cars. He noted that the Gini coefficient reflects wage income rather than capital income and asked the Government to consider releasing some data to facilitate public discussion.

Mr Seah opined that a minimum standard of living must be created for all Singaporeans in health, education, housing as well as some elements of transport and financial planning to improve wealth redistribution. He proposed that the top 40 per cent of each cohort be given access to state resources in the form of higher education. He also suggested that the remaining 60 per cent receive educational resources in terms of continuous training and micro-credentials, as well as non-academic opportunities such as in the arts and sports and access to community service and overseas exposure. He also recommended that the SkillsFuture Credit scheme be further institutionalised to provide additional resources to the remaining 60 per cent cohort.