Do you feel like the boy, or the dad?
In Singapore, the circumstance is such that many live from paycheck to paycheck and have no money or worse, they are in debt. These people will be thinking like the boy.
The tax rebate on your taxable income is 2.5 times your donation for the year. This turns out to be an effective tax rate of 40%.
$1 donation / $2.5 income recognized by IRAS = 40%
Whenever you give, you are actually giving at a tax rate of 40%!
Now if you are thinking like this, you definitely won’t be happy as well...
...