Wednesday November 11, 2009
No goodies for senior citizens
FOR many ordinary senior citizens the purchase of a house is the biggest investment in their lives.
Initially it was to cater for their growing families, then after their children leave the nest, it is for some financial security in their golden years.
Many would sell their houses and buy a modest one to stay in, using the profits to meet their daily needs, medical bills, and perhaps to pay for funeral expenses.
The new Budget has literally done nothing for them. They do not enjoy the reduction in income tax as they are too old to work.
The RM50 tax on credit cards is money down the drain. For security reasons, we need a credit card. We need a credit card to check into hotels during our occasional holidays locally or abroad. If it is to promote prudence among the young, control should be exercised at the issuing end – more stringent conditions, less generous terms and conditions etc.
While we promote 1Malaysia, sadly there are so many segments of demographics that need to be addressed.
Age is one and the most neglected segment is the seniors of our society.
It is quite a big group of more than five million. To impose a 5% real property gains tax across the board ignores this group who are trying to keep body and soul together with their limited savings.
They have no income to face rising costs as the 5% property gains tax will take a chunk from their nest egg when they sell their houses, leaving them with less money to meet their needs in their final years.
We consider this an attack on our savings. The FD interest rate is already lower than the inflation rate.
The stock market is generally too risky for many of us as every decade or so a meltdown takes place. A house is the safer alternative but now this is under attack.
Was it because of the RM28bil wastage highlighted recently? It works out to RM1,000 for every man, woman and child in this country. Tackle this problem and save us the billions. It will improve our country’s image at home and abroad.
We will attract good, honest, trustworthy foreign investors to come and help us develop our country and increase tax revenue.
A VERY DISAPPOINTED SENIOR,
Ampang.
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