"Wealth packed in housing is not flowing and building anything else," said Chen.
\n\nOn the back of proposed amendments to the Finance (Income Taxes) Bill, several members of parliament took the opportunity to bring up the topic of inheritance tax.
\n\nMPs Elysa Chen and Shawn Loh in particular called for taxes for people who own multiple properties, amid growing concerns about wealth inequality in Singapore.
\n\nTransport Minister Jeffrey Siow said that such topics "actually go beyond the scope of this bill", and encouraged members to file parliamentary questions at a later sitting.
\n\nSpeaking ahead of the reading of the Bill on Oct. 6, Chen said that "hoarding" properties can worsen inequality at the expense of other Singaporeans.
\n\n"A home is not like other assets. If someone buys gold or shares, no young couple is worse off," she said.
\n\n"But in land-scarce Singapore, when one person holds a fifth or 10th residential property, it takes away another family's chance at a home."
\n\nShe pointed to a family dispute at High Court last year, in which a woman was found to own 25 properties despite registering them partly in her children's names.
\n\nChen added that while the government has introduced at least…
Original source: https://mothership.sg/
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