Back when I was still in my first job, my annual income tax was only about $200. This was based on a yearly income of $30,000, of which I saved $20,000 – read about how I did it here. (Nope, no bonuses either.)
I don’t mind paying taxes as I understand and appreciate the fact that the money is channeled for the government to help the lower-income groups, as well as pay for other public goods such as our roads, education, etc.
But ever since I got headhunted to my second, and now third, job where I received a pay raise each time, my income taxes have jumped significantly and it has come to a point where I’ve been looking into (legal) ways to reduce paying so much. For context, my income tax jumped by over 10x, but my salary hasn’t jumped 10x at all!
I’ve talked about how …