Mark Steyn writes on tax in America, where this year, 47% of households pay no income tax.
"The top 5 percent of taxpayers contribute 60 percent of revenue. The top 10 percent provide 75 percent. Another two-fifths make up the rest. And half are exempt."
Ha! 53% are paying their taxes? South Africa can only dream of such figures. Something like 7% of South Africans pay income tax; and, with 17 million on some sort of government handout, that's a lot of free candy.
"By 2012, America could be holding the first federal election in which a majority of the population will be able to vote themselves more government lollipops paid for by the ever-shrinking minority of the population still dumb enough to be net contributors to the federal treasury"
In South Africa, the lollipops come with the territory, where a massive majority can vote without having to pay for what they vote for. It's not even Democracy, it's a massive nationwide auction house, where unscrupulous politicians - are there any other kind? - can promise the clueless electorate the biggest piece of pie they can in exchange for their grubby vote. And here's the kicker: if they can't deliver - and they can't- there's still Whitey and Apartheid to blame for it. It's a win-win situation!
A wise man once said, you can only slice a cake so many times before all anyone gets is crumbs. The market solution is to bake more cakes, but without the will and the skill to do this, where are Malema and his ilk going to find suckers to bankroll his ever-increasing list of expectations?
Malema thinks wealth comes from under the ground, but, as we've remarked here at ILSA before, he is quite spectacularly wrong. Ask Tanzania and the Congo.
South Africa's (declining) gold exports were reckoned at US$3.8 billion in 2005 (Wiki), and if those were taxed at, say, 30% we are looking at a gold revenue of around R8billion each year. That makes R177 each year for each of the country's 45 million citizens.
Not much, is it?
But you go for it, Julius, you know best.
It would be nice if the country's natural resources could be divvied up among the unemployed and indolent, leaving the rest of us- those with a more market-orientated view of wealth- alone to pursue our own dreams.
But no such luck. One day, someone will teach Julius how to use a calculator, then one day he will find out that he is wrong, and that whitey is still needed in order to be milked for taxes, doing whatever it is productive people do - sit in offices or something - to make money to give to the government.
Except by then we'll all be in Australia.
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