I remember reading somewhere that there are about 70,000 people making $100,000 or more last year. Well, that figure is wrong, at least according to the latest annual report from IRAS.
As usual, I analysed the most important appendix in the IRAS report and found that 154,714 assessed taxpayers took home a 6-figure salary last year.
Yes, exactly 153,779 resident taxpayers and 935 non-resident taxpayers made $100k or more. Together, they form 18% of the (assessed) taxpayer population.
In this group, each individual made an average of $237k last year.
The average net tax assessed for this group is about $25k, or more than $2,000 a month.
Are you paying $2,000 in income tax a month?