The Egyptian parliament is drafting a law to impose a progressive tax of at least 30 percent on annual incomes exceeding 1 million Egyptian Pounds, in order to reduce the financial burden on the poor. The bill will be discussed in autumn, according to Legislative Committee MP Moustafa Bakry. Bakry believes that "not too many" businessmen would object to the bill, arguing that the role of “social capital” – the economic benefits of a fair and stable distribution of wealth – was understood by many in Egypt’s business elite, particularly as it encourages social peace in the period of economic reforms.
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