SA faces the prospect of an accelerated "brain drain" as skilled and entrepreneurial South Africans look to establish themselves in countries that are more politically and economically stable, while offering a more predictable tax regime.

SA's tax rates on higher-income earners are already high. We believe a further wealth tax will only serve to decrease our already diminished taxpayer base. And with more entrepreneurial citizens leaving the country, this would have a major impact on the fiscus through lower future tax income, reduced wealth creation opportunities and fewer potential employment opportunities through local businesses.

The threat of a wealth tax could even drive younger South Africans to consider their options after graduating, where they would attempt to work and earn in other countries where tax and crime rates are lower, and economic growth prospects better.

The most popular destinations for immigration remain Australia, New Zealand, the US and Canada, especially for skilled persons, but there is a growing interest in countries that offer residency by investment options.

Bushy Green, Kagiso.