South Africa’s ruling party has revived a proposal to tax South Africa’s more affluent families to fund its universal basic income dreams.
The African National Congress is bringing its proposal for an additional tax on South Africa’s wealthier taxpayers to help fund the basic income grant back to life, Sunday Times“BIG can be regarded as a mechanism to promote equity and thus a wealth tax can be a mechanism through which revenues can be raised to fund a BIG,” its proposal read.
“Are we not taxed like that in terms of income? Those who earn higher are taxed higher; the more you earn, the more you pay tax. It’s the same principle.” Schüssler explained that the tax burden on South Africans is already very high, with the country among the highest 12 countries on tax as a percentage of GDP.Schüssler said South Africa’s personal income taxes to GDP are also among the highest in the world.
However, the income tax hike would have only funded the lowest level proposed for the BIG, which is at the food poverty line.reported
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