Monday, October 3, 2016

Be Like Trump, Don't Pay Taxes

(Source: WSJ)

Hello, paying taxes and lots of it is not something to be proud of.

I agree with presidential nominee Donald Trump when he retorted to Hilary's point that he doesn't pay taxes with "Well, that makes me smart".

Not paying taxes IS NOT tax evasion, so please don't jump to conclusions.

There are plenty of legal ways to reduce your tax burden. I repeat, LEGAL WAYS. If you're too lazy to figure out how to do that, well then that's your own damn problem for paying taxes that you weren't liable for / could have reduced through deductions or reliefs.

Unlike the USA, the Singapore tax code is very clear, clean and simple. There isn't too many ways for a high income earner to come in at a tax rate lower than a low income earner. Other than CPF Cash Top Up and SRS contribution, there is little wiggle room to add more relief. For deductions, there is the Angel Investors scheme and the usual sole prop / partnership business expenses.

Paying low or no taxes is definitely something to be proud of if you can manage to do so in the legal way.

Does that make Trump smart (at least about his personal taxes)? In my books, yes.

No comments:

Post a Comment

Observe the house rules.