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 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. Tax ...

, a reduction in value added tax (15%) and a substantial expansion of social upliftment programmes.

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 co ...

s and

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 "enti ...

s, 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

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1999 File:1999 Events Collage.png, From left, clockwise: The funeral procession of King Hussein of Jordan in Amman; the 1999 İzmit earthquake kills over 17,000 people in Turkey; the Columbine High School massacre, one of the first major school shoot ...

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Stephen Goodson

The party's former leader,

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 Ele ...

, who has since co-founded the

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 intr ...

, is a former director of the

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 condit ...

(2003–12). Goodson has stated that the Holocaust was “a huge lie” as "the principle is to extract enormous sums of money from the Germans as compensation", blaming international bankers. Goodson authored a book titled ''Bonaparte & Hitler Versus the International Bankers'' where he maintained

World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposing ...

was provoked by the economic success of Germany, and he has also criticised the political actions of Jewish bankers which were posted on anti-Semitic websites. As a result, the South African Israel Public Affairs Committee called for the Reserve Bank to fire him for his pro-Nazi statements.

References

{{Authority control 1994 establishments in South Africa Defunct political parties in South Africa Political parties established in 1994 Political parties with year of disestablishment missing