LETTER: Tax Freedom Day and a government with total say
Total government revenue is really some 46.6% of the entire economy; for our level of economic development it is almost the highest in the world
On Tuesday, May 19, South Africans stopped working for the state and started working for themselves. That day was Tax Freedom Day and this year it fell one day later than last year. At least that would have been the case if we weren’t subject to Covid-19 and its lockdown. Tax rates will be lower because profits are being squeezed more than anything else.
To put this into greater perspective, back in 1994 it took 101 days to pay for the government before South Africans could start earning for themselves. It now takes 139 days — more than five weeks longer — and the state has helped itself to more than half of the economic growth since 1994...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.