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Politics

Hats off to Singapore for raising taxes

City-state's brave move offers a new model for Asia

| Singapore
An aging population is among the changing economic environments forcing a change in Singapore's reputed low tax rates.   © Reuters

As Singapore meddles with the ultimate taboo -- hiking taxes -- Lee Hsien Loong's government is offering something truly shocking: leadership.

Japan's population is aging as rapidly as Singapore's and fertility is just as scarce, yet Tokyo keeps pushing the central bank to save the day. China faces risks of social unrest due to similar demographics, yet Xi Jinping thinks becoming president forever is the answer. Donald Trump's U.S. shares Singapore's inequality dilemma, and his response is massive welfare for plutocrats.

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