Taxes And More Taxes Fueling Crypto Adoption

source

This week I have noticed many more articles about the proposed Basic Income Grant South Africa has been proposing leaving me wondering where the funds are going to come from. The current grant or unemployment benefit is a measly R350 per month ($22) which is unacceptable. The problem what Governments don't see is regulation is creating unemployment and rather should be creating a free market so everything can just thrive.

As a country South Africa is second only to Sweden tax wise when we look at it as a figure compared to total GDP. The problem and it is a big one is the difference when you compare the unemployment rates. South Africa is looking at over 50% unemployment so in reality 50% is covering the tax
burden and that is not sustainable.

The problem is the Government is looking to increase the basic income and the only way to do that is to tax more things at a higher rate. Throw in the National Health program they wanted to run out all paid for via the taxes. Don't they understand you can only squeeze x amount of juice out of an orange before there is no more. Fuel is going up again next month and the tax rate will be over 40%. At some point there comes a point when enough is enough and we are at that point.

Not surprisingly their is a mass exodus of professional people happening as they have no confidence in what is going on. This only makes the amount of tax being declared that much smaller resulting in another plan being hatched just to remain constant. What we are now seeing is a sign of desperation and if you throw enough darts at a board some will stick.

source
1200% growth in Africa alone over the last year and growing every day. This is down to having no trust with the Government's and their regulations they try and impose to suit themselves.

The South African Revenue Services is looking everywhere right now to find the funds required to support the Governments ambitions and the working public will suffer because of this. I have never seen so many different reports from looking into crypto investors through to people working overseas. They are obviously very desperate and will not hesitate to plunder wherever they can find funds.

We all know what the answer is and that is to create more jobs by using the taxes to reduce the unemployment. The problem we have seen over and over again is South Africa like all the other African countries is used to getting hand outs from Europe and the States. This is not happening like it happened in the past and now they have to fix something they have no idea how to.

It is not surprising that more and more people in Africa are getting more involved in crypto as that is more of a safety blanket for when the time comes to leave. The Government is making things worse and crypto will thrive because of their regulations and reforms which will never be successful. No one can take them seriously as many don't even have the basic education required to be involved in Government. Remember Zuma reading out the budgetary figures which he couldn't do which many found funny at the time but that is a prime example of how inadequate the people in power are.

Posted Using LeoFinance Beta



0
0
0.000
0 comments