South African business mogul and “unapologetic capitalist”, Herman Mashaba, differs with French economist, Thomas Piketty’s views on the rich being taxed more.
Speaking at a Legacy Talk in Johannesburg, the founder of a famous South African hair brand doubted the logic behind Piketty’s wealth tax.
“Whatever money that people have made, I take it people have already paid tax. Piketty’s logic doesn’t make sense,” says Mashaba.
Addressing the largely young audience, Mashaba, who was FORBES AFRICA cover in April 2012, urged the youth to be entrepreneurs.
“Don’t go into business because South Africa has one of the highest unemployment rates. That has nothing to do with you. You’ll help that cause when you employ people at your business,” says Mashaba.
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.