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Herman Mashaba Doubts Thomas Piketty’s Logic on Wealth Tax

Black Like YouCapitalist CrusaderAt a Legacy Talk in Johannesburg recently, Herman Mashaba shared his views on “rock star” economist Thomas Piketty, the unemployment rate, and the problems with socialism and communism in Africa.

Piketty, the French economist whose Capital in the Twenty First Century became a global bestseller last year, visited South Africa in early October. During his public lectures, he admitted that his work did not pay enough attention to formerly colonised nations, but did suggest an annual, low-rate wealth tax and national minimum wage to combat inequality in South Africa.

Mashaba, who describes himself as an “unapologetic capitalist”, says he differs with Piketty’s views. “Whatever money that people have made, I take it people have already paid tax. Piketty’s logic doesn’t make sense,” he said.

Aviwe Mtila reported from the event for CNBC Africa:

Mashaba reckons socialism and communism are designed to benefit law makers. He made an example about African countries that, 50 years ago, followed socialist and communist policies, saying most of them “unfortunately collapsed”.

“South Africans need to learn self reliance and not depend on a collective agenda. Government can never be our answer, government is our problem,” says Mashaba.

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