The Abolition of Income Tax and Usury Party was a South African political party founded in 1994. 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. More information...
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