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Abolition Of Income Tax And Usury Party
The Abolition of Income Tax and Usury Party was a South African political party founded in 1994. Objectives Its principal objective was monetary reform, which it wished to achieve by the establishment of a state bank, which would issue all South Africans credit free of interest. This would, the party believed, enable the abolition of personal income tax, a reduction in value added tax (15%) and a substantial expansion of social upliftment programmes. Commercial banks and private banks, which currently provide the nation's money supply at interest by means of fractional reserves, would become full reserve banks. The party has, unsuccessfully, contested one national and three local government elections. Election results National elections , ----- bgcolor="#cccccc" !Election !Votes !% !Seats , - , 1999 , align="right" , 10,611 , align="right" , 0.07 , align="right" , 0 Stephen Goodson The party's former leader, Stephen Goodson, who has since co-founded the U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stephen Goodson
Stephen Mitford Goodson (1948 - 4 August 2018) was a South African banker, author and politician who was the leader of South Africa's Abolition of Income Tax and Usury Party. He stood as a candidate for the Ubuntu Party in the 2014 General Elections. Goodson has authored a total of 7 books on banking and history. Banking He was a director of the South African Reserve Bank (2003–12) and previously a financial consultant in Pringle Bay. Despite his career, Goodson has also been an active commentator with regards to the problems of the central banking system, writing the book "A History of Central Banking and the Enslavement of Mankind", published by Black House Publishing Limited. In such book Goodson, with reference to historical sources and events, argues against what he deems to be the "scam" of the central banking system. Holocaust denial Goodson had stated that the Holocaust was "a huge lie" as "the principle is to extract enormous sums of money from the Germans as compen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pringle Bay
Pringle Bay ( af, Pringlebaai) is a small, affluent coastal village in the Overberg region of the Western Cape, in South Africa. It is situated at the foot of Hangklip, on the opposite side of False Bay from Cape Point. The town and surrounds are part of the Kogelberg Biosphere Reserve, a UNESCO Heritage Site. The bay is named after Rear-Admiral Thomas Pringle, of the Royal Navy, who commanded the naval station at the Cape in the late 1790s. Situated between Betty's Bay and Gordon's Bay Gordon's Bay ( af, Gordonsbaai) is a harbour town in the Western Cape province of South Africa. It is included in the City of Cape Town metropolitan municipality as a suburb of the Helderberg region (formerly called Hottentots Holland). It is ..., many of the houses in the small community are only used as holiday houses by their owners. It is accessed by the R44, which connects it to the N2. Pringle Bay is well known for the Hangklip (hanging rock) that leans out to sea and marks the easter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Reform
Monetary reform is any movement or theory that proposes a system of supplying money and financing the economy that is different from the current system. Monetary reformers may advocate any of the following, among other proposals: * A return to the gold standard (or silver standard or bimetallism). * Abolition of central bank support of the banking system during periods of crisis and/or the enforcement of full reserve banking for the privately owned banking system to remove the possibility of bank runs, possibly combined with sovereign money issued and controlled by the government or a central bank under the direction of the government. There is an associated debate within Austrian School whether free banking or full reserve banking should be advocated but regardless Austrian School economists such as Murray Rothbard support ending central bank bail outs (" ending the Fed"). * The issuance of interest-free credit by a government-controlled and fully owned central bank. Such i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdicti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Added Tax
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. It is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the person who ultimately bears the burden of the tax is not necessarily the same person as the one who pays the tax to the tax authorities. Not all localities require VAT to be charged, and exports are often exempt. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the consumer and applied to the sales price. The terms VAT, GST, and the more general consumption tax are sometimes used interchangeably. VAT raises about a fifth of total tax revenues bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Bank
A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with corporations or a large/middle-sized business to differentiate it from a retail bank and an investment bank. Commercial banks include private sector banks and public sector banks. History The name ''bank'' derives from the Italian word ''banco'' "desk/bench", used during the Italian Renaissance era by Florentine bankers, who used to carry out their transactions on a desk covered by a green tablecloth. However, traces of banking activity can be found even in ancient times. In the United States, the term commercial bank was often used to distinguish it from an investment bank due to differences in bank regulation. After the Great Depression, through the Glass–Steagall Act, the U.S. Congress required that commercial banks only engage in ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Bank
Private banks are banks owned by either the individual or a general Partner (business rank), partner(s) with limited partner(s). Private banks are not incorporation (business), incorporated. In any such case, creditors can look to both the "entirety of the bank's assets" as well as the entirety of the sole-proprietor's/general-partners' assets. These banks have a long tradition in Switzerland, dating back to at least the Revocation of the Edict of Nantes#The Revocation of the Edict of Nantes, Revocation of the Edict of Nantes (1685). Private banks also have a long tradition in the UK where C. Hoare & Co. has been in business since 1672. Notable private banks This list contains two types of banks: * Unincorporated banks owned by either an individual or a general partner(s) with limited partner(s). * Incorporated banks specialized in wealth management for high-net-worth individuals. China *Bank of Communications, founded in 1908 *China Merchants Bank France * Compagnie Fin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fractional-reserve Banking
Fractional-reserve banking is the system of banking operating in almost all countries worldwide, under which banks that take deposits from the public are required to hold a proportion of their deposit liabilities in liquid assets as a reserve, and are at liberty to lend the remainder to borrowers. Bank reserves are held as cash in the bank or as balances in the bank's account at the central bank. The country's central bank determines the minimum amount that banks must hold in liquid assets, called the "reserve requirement" or "reserve ratio". Most commercial banks hold more than this minimum amount as excess reserves. Bank deposits are usually of a relatively short-term duration, and may be "at call", while loans made by banks tend to be longer-term, resulting in a risk that customers may at any time collectively wish to withdraw cash out of their accounts in excess of the bank reserves. The reserves only provide liquidity to cover withdrawals within the normal pattern. Banks a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Full-reserve Banking
Full-reserve banking (also known as 100% reserve banking, narrow banking, or sovereign money system) is a system of banking where banks do not lend demand deposits and instead, only lend from time deposits. It differs from fractional-reserve banking, in which banks may lend funds on deposit, while fully reserved banks would be required to keep the full amount of each customer's demand deposits in cash, available for immediate withdrawal. Monetary reforms that included full-reserve banking have been proposed in the past, notably in 1935 by a group of economists, including Irving Fisher, under the so-called "Chicago plan" as a response to the Great Depression. Currently, no country in the world requires full-reserve banking across primary credit institutions, although Iceland has considered it. In a 2018 ballot referendum, Switzerland voted overwhelmingly to reject the Sovereign Money Initiative which has full reserve banking as a prominent component of its proposed reform of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South African General Election, 1999
General elections were held in South Africa on 2 June 1999. The result was a landslide victory for the governing African National Congress (ANC), which gained fourteen seats. Incumbent president Nelson Mandela declined to seek re-election as president on grounds of his age. This election was notable for the sharp decline of the New National Party, previously the National Party (NP), which without former State President F.W. de Klerk lost more than half of their former support base. The liberal Democratic Party became the largest opposition party, after being the fifth largest party in the previous elections in 1994. The number of parties represented in the National Assembly increased to thirteen, with the United Democratic Movement, jointly headed by former National Party member Roelf Meyer, and former ANC member Bantu Holomisa, being the most successful of the newcomers with fourteen seats. National Assembly results Provincial legislature results Eastern Cape F ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ubuntu Party
The Ubuntu Party was a minor South African political party founded in 2012 by author and songwriter Michael Tellinger. Based on the principles of Ubuntu Contributionism, the party espouses Tellinger's pseudolegal ideas. The party aimed to introduce 100% employment by closing down the South African Reserve Bank and replacing it with a people's bank that will grant interest-free home-loans, fund massive public works, and provide free electricity as Eskom, the state-owned electricity utility, is owned by the people of South Africa. They also plan to eliminate the necessity for government altogether. The party took part in the 2014 General Election at a national level. Second on their list of candidates was Stephen Goodson, leader of the Abolition of Income Tax and Usury Party, a former director of the South African Reserve Bank and controversial for his holocaust denial. In a 2020 social media post, the party noted it was no longer active in politics and had not contested ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South African Reserve Bank
The South African Reserve Bank (SARB) is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920", as a direct result of the abnormal monetary and financial conditions which World War I had brought. The SARB was only the fourth central bank established outside the United Kingdom and Europe, the others being the United States, Japan and Java. The earliest suggestions for the establishment of the Central Bank in South Africa date back to 1879. A select committee, of ten members of Parliament, was established on 31 March 1920 to examine the benefits to the national interest of the establishing of the central bank. Following on the recommendations of the committee, the South African Reserve Bank opened for business on 30 June 1921, making it the oldest central bank in Africa. The first banknotes were issued to the public by the Bank on 19 April 1922. Set of ZAR notes 2012 to present R 104 000 000 000.00 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
