The ANC has revived its wealth tax proposal

[Oldfut]

Another jolly ANC tax idea; A household tax for the SABC; to be collected by Multi Choice! What could possibly go wrong.

https://www.iol.co.za/weekend-argus/news/anc-vows-to-abolish-tv-licences-and-implement-household-tax-77b3bdf5-3065-4180-bea2-61e64ff4bbaa

 

[JayM]

Their proposed amount of 3% (annually) is absurd. A safe withdrawal rate in retirement is considered 4%. What they're effectively proposing is a 75% tax rate on anyone who managed to save enough for a comfortable retirement. And then you'd still pay income tax/CGT on top of the amount as well. Completely nuts.

 

[pb41]

I am sick and tired of being regarded by all and sundry in this country as a walking ATM with an unlimited supply of cash.

 

[Swa]

That can even be applied to other essentials too. No proper public transport in SA means that entry level cars are zero rated while Mercs are upper tier and Lambo's extortionate tier. Same for insurance claims on theft and burglary. The police are incapable so any replacements should be zero rated.

That is how a tiered system works, luxury nonessential goods are taxed higher. While I'm not completely on board at considering transport an essential. In any country you want to discourage private transport while encouraging public we don't have a working public transport system and most of it is in fact private transport. You also don't want to make it unaffordable for those who wish to use private transport. Unfortunately a working public transport system is something that will only come with someone progressive enough to implement a tiered VAT system.

Their proposed amount of 3% (annually) is absurd. A safe withdrawal rate in retirement is considered 4%. What they're effectively proposing is a 75% tax rate on anyone who managed to save enough for a comfortable retirement. And then you'd still pay income tax/CGT on top of the amount as well. Completely nuts.

Have you ever known the ANC to think this far? The irony of their suggestion is the very people that will be affected by this have ample means to hide assets and structure them such in schemes where it's impossible to tax them. They also have the resources to fight it in our already overburdened court system so that if it's the government's only lifeline they will be bankrupt and begging at the IMF and world bank before any of it is even decided. Those without the means to fight it will be pushed into the same poverty where they will require handouts to survive. If it's really implemented to its conclusion in a fair manner the way it's supposed to be it would also be a barrier to entry into the world of wealth for anyone sitting on the opposite end. These are the issues pointed out every time it's raised but they keep bringing up these outdated policies that's already been tried and failed elsewhere as if it's impossible for them to come up with anything new and different.

The ANC is also schizophrenic in that they keep wanting to drag everyone down to the same level with these measures where they actually rely on an unequal society in order to provide it. Working societies who rely on the wealth of others to provide to those who need it also have measures to grow that wealth and allow more to participate.

 

[CommonSense]

To be honest, Cape Independence is looking better every day if this continues.

 

[requiem]

Fix, Unisa to enable everyone to study for free and upskill Unisa to the best of the best, electronic education should be very cheap. Every sort of skill needs to be developed in the country. Handouts are keeping everyone poor, R350 per month, 2 days wage, very meaningless.

Unfortunately for that to work you have to be able to read and write.

You can't start with UNISA.

You have to start with basic education first, and unfortunately many of our teachers can't even read or write...

 

[surface]

To be honest, Cape Independence is looking better every day if this continues.

When is the passport office opening ?

 

[CommonSense]

When is the passport office opening ?

Most probably the same day the EFF wins the elections.

I am not against secession per se, but I want a country where there is real equal opportunity for all races, not based on skin color or "who you know".

Merit to a degree, but I am also of the opinion that those who show talent should be given opportunities to grow and those who have shown that they are capable should be rewarded (as in career advancement), whether they have a degree or not. I have seen too many cases where people who are on-paper very well qualified, but in practice just does not contribute that which they are paid (of all races). So merit in my eyes is a proven track record of someone who is conscientious and tries to deliver the best they can and goes the extra mile when required.

Sadly, a lot of the secession crowd appears (to me at least) to be banging the wrong drum.
I joined one or two WhatsApp and Telegram groups, but was utterly disappointed by the people and the obvious race hate which one can pick up in their tones on those groups. If that is what those groups wants for the "Republic of the Cape" then they can sod-off. No use swopping one ****-hole for another.

But I acknowledge that under the ANC we are all doomed. This country and its people could have been a shining light to the world at one time, but that was squandered by the ruling class. Their only vision is self-enrichment.