A recently published Afrobarometer survey shows that a majority of South Africans say it’s fair for the rich to be taxed at higher rates to help pay for government programmes to benefit the poor.
Almost two-thirds of South Africans agree with taxing the rich at higher rates to fund government programmes that benefit the poor – especially those that support the youth., led by the Institute for Justice and Reconciliation and Plus 94 Research, which interviewed 1,600 South African adults – a sample size that yielded a 95% confidence level of representativeness.
According to the institute, a wealth tax could generate between R70 billion and R160 billion annually, equal to 1.5%-3.5% of gross domestic product .On the fairness of different levels of taxation, close to two-thirds of respondetns said it is fair for the rich to be taxed at higher rates than ordinary people to help pay for government programmes to benefit the poor, while only 27% disagreed with this approach.
In the context of widespread unemployment and gross inequality, these findings suggest public support for the government to explore new avenues to expand the tax base to finance its development agenda and respond to pressing socio-economic needs.a study that showed turning the current social relief distress grant into a permanent basic income grant can be accomplished – if personal income taxes on the wealthy are hiked to pay for it.
If the government decided to increase its spending on such programmes, job creation would be citizens’ highest priority for additional investment, followed by education .A wealth tax has populist appeal, but it has many problems, including being difficult to execute, damaging the economy, and raising little revenue, economists have warned., Bureau for Economic Research economist Hugo Pienaar said there are only 133,000 super-wealthy South Africans with a taxable income of over R1.5 million.
This included 18 million South Africans receiving state welfare grants while 11 million rely on the state’s R350 grant.
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