The impact of ‘black tax’ on young black professionals: “Black tax” refers to the portion of income that black professionals are obligated to provide to their families once they start earning a salary.
Investopedia defines it as follows: “Black tax, a term that originated in SA, is the financial responsibility placed on family members who experience upward mobility to support their relatives who are less fortunate. Often, the successful person is the first one in a poor family who graduates from college or attains a high-paying job.
Yanga, for example, has been living independently since the age of 21. As a brand ambassador for an NPO, he takes home an average income of R25,000 but sends a minimum of R7,000 to his parents based in the Eastern Cape. “I wish could put away money for my future for as little as R500-R1,000 that I did not have to think about, to protect my future. Black tax poses a significant barrier to young professionals hoping to start a business of their own or lead a more comfortable lifestyle. They’re expected to send up to 50% of their post-tax income back to their family and most likely also have to contribute to extra expenses, such as the cost of a family funeral or servicing familial debt,” Yanga further explains.
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