Higher tax rate for top-earners an ‘insurance’ for stable society, says DAP strategist

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Liew Chin Tong says the top 1% need society to be stable.PETALING JAYA: Higher income tax on the super-rich should be seen as the “insurance” needed to maintain a stable society, according to the chairman of the Research for Social Advancement Centre (Refsa) Liew Chin Tong.Speaking at a recent Refsa podcast on inequality and jobs, Liew said asset prices in the country had “skyrocketed” since 2010, with stagnant wages and the increasing cost of private education and healthcare creating inequality and “hidden suffering” that had not been managed adequately.Saying Malaysia currently had a “triangle society” with a large base of low-income families, the DAP strategist added that creating a “diamond society” – with a large number of middle-income families and fewer low-incomes ones – would allow the country to approach inequality differently.“For example, we can tax the top 1 or 2%…