Wealth tax on the rich, shot down in SA
Afternoon Drive with John Maytham · 2 July 2026 · 7m
Speaker 1: Drive with Africa Milani in for John Maathaan on Talk. In response to a question Speaker 1: from the aff said Carlneyhouse, the Finance Minister Inaguana, says government is currently not considering Speaker 1: a wealth tax, noting that it has been ineffective in several international markets, saying that Speaker 1: there are currently several instruments that comprehensively tax the wealthy in the country. Judge Dennis Speaker 1: Davis is a well an amazing legal mind to start there, but at some point Speaker 1: was the head of the Tax Commission. And Dennis, you and I have had several Speaker 1: conversations about the wealth tax. Do you agree with the Finance minister or not? Good Speaker 1: afternoon, Well. Speaker 2: The evidence is think to metch the introduction. The evidence is definitely in favor of Speaker 2: country. So the answer is that on the evidence at the present and given the Speaker 2: administrative difficulties of administering a wealth tax, he is probably correct. Speaker 1: He noted that if you consider real estate, land buildings, all of those taxed at Speaker 1: the local level through property rates and taxes, and collectively the four national wealth taxes Speaker 1: excluding property taxes, amount to twenty one point three belief rand, which is about a Speaker 1: contribution of one point one five percentage to total tax revenue. I mean it's a Speaker 1: significant amount in quantum, but as a percentage of total tax revenue. I don't know Speaker 1: why I think it's not enough. Speaker 2: Well, it may not be enough, and you've got to then, I mean, I'm not Speaker 2: suggesting it isn't. And you may recall that I think at some particular point in Speaker 2: time…
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