EDITORIAL: ‘Wealth tax’ shows cupboard is bare in ‘unstoppable’ ANC

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EDITORIAL: ‘Wealth tax’ shows cupboard is bare in ‘unstoppable’ ANC
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The “wealth tax”, the “basic income grant”, “chemical castration” of rapists, and the “state bank” are ideas that illustrate how the ANC can diagnose problems correctly, then prescribe the wrong medicine.

Economic transformation subcommittee chair Mmamoloko Kubayi briefs the media at the ANC national policy conference at Nasrec in Johannesburg, July 30 2022. Picture: FREDDY MAVUNDA/FINANCIAL MAIL

If it were a doctor, it would be scrubbing up for brain surgery at the slightest hint of a throbbing appendix. Unable to imagine how to deal with the societal problems that have caused a rape epidemic, rather bleat about “chemical castration”. As if the notional threat of jail or other punishment has cowed the legions of criminals stalking the country.

It’s a great solution if you’re trying to out-crazy the EFF’s economic plans, but it’s fraught with unintended consequences for a country desperate for investment.Colombia, France, Norway, Spain and Switzerland, while eight others have abandoned such a tax since 1990.

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