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Ian b's avatar

Regarding the Superannuation levy idea -

'Eslake says a lever would be “a complement to rather than a complete substitute for movements in interest rates”... He’s also unfazed by the fact that no other country has tried this idea. “I can’t think of any other countries in the world who have something like this. But we don’t necessarily need a template from another country to do something that might be sensible.”'

In the past, South Africa imposed a system of Tax Loan Levies which had some similarity to the current proposal. Quoting from Google AI:

"In the 1960s, the South African government used a compulsory loan levy as a disinflationary fiscal tool. When individuals or companies paid a specific threshold of normal income tax, an extra percentage (typically 5%) was added as a repayable loan to the state, for which taxpayers received official loan levy certificates.

Historical Context of the 1960s Loan Levy

Purpose: Introduced by the Treasury to cool down an overheating economy, curb inflation, and raise capital for public infrastructure without permanently raising baseline tax rates.

Mechanics: Applied as a 5% surcharge on normal income tax if a taxpayer’s liability crossed specific statutory minimums (e.g., R95 or R150 depending on the specific fiscal year's budget amendments).

Terms: These levies typically carried a modest interest rate (around 5% per annum) and were legally mandated to be repaid by the government after a currency period of seven years.

Certificates: The Department of Inland Revenue issued physical certificates or acknowledgments of credit to taxpayers as proof of the compulsory loan amount withheld or paid, which were then redeemable upon maturity."

The obvious difference with the Superannuation idea is that in South Africa the funds went into Government coffers rather than into individual super accounts - but the macro effects were presumably (potentially) similar. I was a taxpayer (just) back in those days in SA but I do not recall whether or not the scheme was regarded as successful. I do seem to remember that certificate redemptions tended to be financed by the issuing of new loan levies.

[insert here] delenda est's avatar

Well I'm here to square poor Sean's paradox for him, easily done since it is made of thin straw and even thinner "gotcha" thinking from someone who very likely still thinks that "what's wrong with Kansas" (or whatever it was called) made any sense at all.

See eg the asinine comparison between ancient Greeks (and I didn't really care about that part myself !) and "Gondorians": anyone who read LotR has a pretty clear idea of what the men of Gondor looked like, as Peter Jackson seems to have worked out without much effort.

So for my part I am disappointed that the film didn't embrace the story's pagan morality. But I do think that the ideologically Christian West is extremely worth defending, not "even though" it is what creates people like Sean Illing, but because- what a society that can afford and tolerate him!

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