Supertax on rich South Africans could be introduced: expert

The rate will likely be lowered again within three years, as South Africa’s finances stabilise, said Kader.
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BS it will be lowered... only way to 'stabilise' SA's finances is to get rid of the thieving ANC. As long as they continue to loot freely, we'll always have a ****ed economy.
 
I'm going to ask for a pay cut, so I fall just under the super tax bracket. That way I will have more money in pocket.
 
agentrfr said:
It puts you in the top ~5%...
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Perhaps but that still doesn't make you wealthy. Middle, or upper-middle class maybe, but not wealthy. After they steal their proposed 45% cut, you're left with a nett of R32,000 pm before any other deductions...
 
Mike Hoxbig said:
Perhaps but that still doesn't make you wealthy. Middle, or upper-middle class maybe, but not wealthy. After they steal their proposed 45% cut, you're left with a nett of R32,000 pm before any other deductions...
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That's not how progressive tax works. How can you not know that...?
 
Well there go a few rich people and immigrating.

Seriously government - You keep on taxing and put all the burden on he few tax payers you have left, one of these days we will need one more straw and it will be over.


Maybe streamline your expenses as a government and the top okes stop using it as your personal piggy bank and we might just keep on going.

But wait strike season will come again and the rand will weaken further and then it rate hikes for the hand full again.

When will our eyes open in this country? Once a normal loaf of break cost you R50?

We are getting close people keep this up
 
I've always found it very weird how low (income wise, not percentage) the highest tax bracket is set. It would be much better with a few more tax brackets - not just one.
 
JStrike said:
That's not how progressive tax works. How can you not know that...?
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I'm an IT nerd and not a tax expert :) You're right though, it was an incorrect oversimplification and the correct amount is R41,000. But the point is still valid...
 
Garson007 said:
I've always found it very weird how low (income wise, not percentage) the highest tax bracket is set. It would be much better with a few more tax brackets - not just one.
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It is based largely on distribution of income earners. Sadly, above 700k, there's not many left...
 
E.g.

0-100k 10%
-200k 15%
-300k 20%
-400k 25%
-500k 30%
-600k 35%
-700k 40%
-800k 45%
-900k 50%
-1Mil 55%
+ 60%
 
R700k is wealty? Strange definition of wealthy at the current R/$ exchange rate that is around $40 000.

Should it not be at least $100 000?
 
Mike Hoxbig said:
Perhaps but that still doesn't make you wealthy. Middle, or upper-middle class maybe, but not wealthy. After they steal their proposed 45% cut, you're left with a nett of R32,000 pm before any other deductions...
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Dont forget all the other tax 45% + the new proposed 15% VAT is 60% then start adding rates, fuel levies etc etc.

You'l be lucky to get 30% of your money. Time to start working differently and manage your money better.
 
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