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Singapore Unveils Robin-Hood Budget With Boost to Top Tax Rate

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Singapore took another step toward Western welfare systems and further from low-tax models like Hong Kong.

With the first increase in its top income tax rate in decades, the Southeast Asian city’s budget on Monday revealed policy makers’ latest step to address a widening wealth gap. While the richest 5 percent face higher levies, beneficiaries will include senior citizens who will get bigger payouts.