Tax Time!

The year has ended so I was able to sit down and figure out what my tax liability will be for 2005. It is so simple to do this in Singapore that it took me all of 10 minutes (see my original Singapore vs US taxes post here). Now, I’m not going to divulge my income here, but it would be considered very moderate by US standards. And I’m not trying to depress anyone in the land of the free, but my total tax liability for last year is a whopping 1.85%. That’s right gang, and that is filing as a single guy with no deductions.

Also, just in case you are still sitting up, the government of Singapore actually reduced the tax rate this year by a quarter percent for everybody. Not for the rich, or very rich – for everyone. Ofcourse, they operate on a hundred billion dollar surplus. Makes you wonder don’t it? Taxes in the US keep going up but so does that pesky deficit. Oh well, just wanted to make everyones day.

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8 Comments on “Tax Time!”

  1. Mickell Says:

    I suppose that’s one of the things which makes living and working in Singapore more attractive than living and working in the States where the cars and properties are much cheaper. Of course i’m not referring to properties in a place like New York City. But houses in the suburbs are so much way cheaper than they are in puny land-scarce Singapore ;p

  2. Mickell Says:

    In America, most people outside the cities live in landed houses. In Singapore, most of us live in high-rise pigeon-holes ;p

  3. Venitha Says:

    Oy, taxes. Shouldn’t you wait until I’ve recovered from my New Year’s hangover to bring this up? =) Happy New Year!

  4. cyclone Says:

    Brian,

    Sounds like a tax haven expats. Wish I were there,

    Cyclone

  5. mikevotes Says:

    I’m so freakin’ envious. I have one source of income, one deduction(home interest,) I use the simplest software, and it still takes an hour.

    Mike

  6. Mark Says:

    love it.
    the people back home in britain pay more tax in a single month than i do here in an entire year.

    i’m lovin’ it

  7. Libbyhttp://theimpolitic.blogspot.com Says:

    Oh that makes me so envious. I don’t know what percentage I pay but I’m sure it’s more than 2% as a single person who owns nothing deductible. And it sure as heck takes me longer than ten minutes to figure it out.

    Now that I’m working for the family it’s even more horrible. The accountant redid last year’s return three times already and it’s still a mess. I have no idea what’s going on. I glaze over as soon as I hear the word IRS. I don’t even want to think about this year.

    Maybe I should I move to Singapore.

  8. Anonymous Says:

    actually it was the other way..taxes have been cut for the rich last few years ago..unless you are one of them, then you can saved more


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