LETTER: Higher tax for the super-rich does not have to stifle growth
In many countries, super-rich individuals pay tax at a far higher rate than the 45% the super-rich individual pays in SA (Sweden takes 57.2%, Finland 56.9%, Japan 55.9%, Denmark 55.8% and Austria 55%).
Consequently, one wonders how John Johnston can be certain the economy is going to suffer if people who earn more than, say, R3m a year are forced to start paying tax at a slightly higher rate than those who earn more than R1,577,301 a year, the point at which the maximum rate is introduced in SA? (“Tax flows from the super-rich (https://www.businesslive.co.za/bd/opinion/letters/2021-01-28-letter-tax-flows-from-the-super-rich/)”, January 28). Similarly, people who earn more than, say, R5m a year could begin to pay at a slightly higher rate than those who earn more than R3m, and so on...
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.