, which only applies to individuals earning more than $518 000 . This is a pittance when one considers that in South Africa, the maximum tax rate for individuals is 45% and applies to anyone earning more than R1.5-million per year! Clearly, Elon Musk, who is worth an estimated $195-billion , could be paying a lot more tax.
Consequently, if communism is to be prevented from gaining popularity in developing nations such as South Africa, capitalism has to start delivering on its promises. It cannot keep expecting poor and uneducated people to realise that communism is almost certain to make matters worse/compound our problems .
Hardly a day goes by without one of our local newspapers publishing a letter or article that rails against capitalism or private property. Fortunately, President Ramaphosa recently signed the Political Party Funding Act into law, which forces political parties to disclose the names of persons making donations to them.This is a step in the right direction and is likely to make it more difficult for donors to pressurise politicians into doing their bidding.
The views expressed are those of the author and do not reflect the official policy or position of the Mail & GuardianThese are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever.is a proud news publisher with roots stretching back 35 years, and we’ve survived right from day one thanks to the support of readers who value fiercely independent journalism that is beholden to no-one.
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