When you see this logo on your envelop, you know what it means ;)
I always thought that income tax is a good thing - you tax almost everyone and people who earns more get tax more. It's one way of seeking equity.
I still think income tax is a good thing. But now that I've started worked and is contributing to the tax, I kinda feel the pinch...especially when my income tax jumped significantly.
Unlike my bf, I can't claim tax relief. My parents are both working and earning at least above $1k, no handicapped siblings (CHOY AH!), and the list goes on. Come to think of it, cannot claim tax relief also good la. My parents are working, and although their income is low, they get to socialise, earn their keeps (and spend it on us lol) and, worry less. Ever since my mom started work years ago after being a housewife for eons, she seems less bored. At work, she gets to banter with others and know more about what's going on in "life" versus staying at home doing housework and having no socialisation. Same for my dad. Although he sometimes complain about the stress at work, he does admit the benefits of working for an established employer - think the medical benefits you can enjoy, the CPF contributions and etc. Can't imagine him retiring - I think he will get more paranoid and think/stress himself out more. So, yay to both parents working!
Back to topic. 2 years ago, I had no income tax to pay. 1 year ago, I had $200+ income tax, forgot to pay it, and got charged a 5% penalty. Thankfully, it was waived as it was my first time. I immediately signed up for Giro for fear of a future 5% charged.
Today, I received my income tax statement.
The tax of near $900 was deducted from my Giro.
The huge jump was due to a change in my income bracket. I'm a bit shocked by the big increase in tax I have to pay and feel a slight pinch, but am thinking of it positively.
1) It means that I'm earning more. Yay?
2) I trust that my tax money is put to good use.
Of course, the next thing that hits me is how I could reduce my income tax payable next year - by donating more, and contributing to my CPF SA. Understand that a lot of bloggers have blogged about how to reduce income tax but have not registered it in my brain.