Singapore’s wealthy face more taxes. Chinese households slash spending. Global economic risks mount. Here’s what you need to know today.
Singapore’s next prime minister signaled that the wealthy may face more taxes as the government looks for ways to shield the most vulnerable groups from the impact of high inflation. Deputy Prime Minister Lawrence Wong told Bloomberg the government probably needs to “lean some more in the direction of more inclusive growth,” adding that people with a higher income would have to pay more taxes. The city-state, which earlier raised taxes on its wealthiest 1% and imposed other levies, needs more cash to sustain its inflation fight given an expected budget shortfall of $3 billion this fiscal year. Wong also warned the US and China may “sleepwalk into conflict” if they don’t deescalate tensions over Taiwan.