South African Wealth Tax

[Wanderin' Zero]

http://www.taxcom.org.za/docs/201704...th%20taxes.pdf

I am given to understand that the thinking is 1% per annum of the value of everything you own. Over a working life, say something in the order of 40% or 50% of everything, leaving aside the lost investment value. Consider too what you already pay in direct taxes, VAT, fuel taxes and a host of other hidden taxes (like your security company).

And don't think because you don't have much income you'll necessarily escape it.

http://www.telegraph.co.uk/news/worl...-the-poor.html

[Springer]

As the pool of meaningful tax contributors becomes smaller, and the pool of recipients of collected taxes becomes greater, there are going to be more and more inventive ways created, to keep the tax ronts rolling in.

[claassdj]

Hopefully they will also supply a tub of Vaseline. This sure isn't funny any more.

[CorditeCrazy]

How the sexuality assault the tax payer 101

[carlp]

Looking at the practical scenario in France, its madness

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[Gunservant]

The Laffer Curve exists. Bring it on, and watch revenue drop to near zero.

[karoo.vellies]

How will that work?

Lets say I am just a normal middle-class earner, I spent a lifetime to pay for my own stuff which amounts to R4mil by time I go on pension. Keeping in mind pension will be nationalized soon so my pension payout is only R5k per month, so I will have to pay R40k a year on wealth tax while only earning R60k a year? How will they register "your total wealth"?


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[Wanderin' Zero]

Lets say I am just a normal middle-class earner, I spent a lifetime to pay for my own stuff which amounts to R4mil by time I go on pension. Keeping in mind pension will be nationalized soon so my pension payout is only R5k per month, so I will have to pay R40k a year on wealth tax while only earning R60k a year?

You understand the potential problem.

[SSP]

Socialist jokes aren't funny unless everyone gets one.

When ever anyone tells me they are a socialist I tell them that I don't understand economics either.

[Gunservant]

Socialist jokes aren't funny unless everyone gets one.

When ever anyone tells me they are a socialist I tell them that I don't understand economics either.

I blame Keynes. He capitulated to pressures from Fascism and Communism to "save" Western democratic economics from "itself" and gave us this bullshit idea that more government involvement is better.