Godongwana rules out wealth tax, warns of capital flight and economic Fallout
Finance Minister Enoch Godongwana has rejected renewed calls for a wealth tax, citing risks to economic growth and investment.
Addressing Parliament, he argued that the current tax system already effectively targets wealth through measures like capital gains and estate duties.
While critics from the SACP, EFF, and MK parties argue a modest wealth tax could raise significant revenue without hurting the poor, Godongwana insists such a move would prompt wealthy individuals to relocate, ultimately harming the economy.