I posted on this once before but it’s that time again and it is so insane that I have to do a followup. I recently received my income tax form from the Singapore IRS. It is one page that I don’t even have to fill out and send in because they do that for you. Total taxes due for the year 2005 = $740 dollars…Sing dollars…about $480 US dollars…FOR A YEAR.
Today, I received my US 1040 BOOK! I am a single guy with no assets and this BOOK is 150 pages long! HAHAHAHAHAHAHAHAHAHA. And they don’t want $480, they want over $6,000!! Lollllllllllll. And the US is still running huge deficits. Singapore maintains at least a hundred billion dollar surplus to provide a stable economic structure for its people.
Every president since Ford has been talking about reforming the tax codes, simplifying the forms, instructions, etc, etc. Not one has done it yet. What HAS happened is that you poor and middle class folks are paying more and the rich are paying less.
Well, I feel for you. While you are struggling to make heads or tails of the forms, or paying H & R Block to do it for you, I’m gonna pay my $740 sing dollars. (note: income tax is not subtracted from pay here every check. You just pay once a year)
And the bad news for you US folk is….next year you can just about depend on it being worse..and the year after that..and the year after that….UNTIL YOU FINALLY DECIDE TO DO SOMETHING ABOUT IT.