Since income tax is so high, if we look at it this way, bonuses just cover the income tax doesn't it?

Income tax high is very relative. Our income taxes are much lower compared to many developed countries eg in Europe or USA.
If your bonus covers your income tax, then you are a high earner for sure. The tiered structure for our income taxes means that higher earners will pay more as they move up the brackets.
But it is a good way to think that bonuses are not extra money for us to spend.. Means you will be saving it more than spending it away!

Give and take la...alot of people don't even earn so much to pay the high tax leh. I also wish I can move up the income tax bracket.

There are many ways to reduce tax. SRS, CPF topups, donations, parent relief etc.

If after a the relief, and you still need to pay the high tax, then you must be very high earner Liao....