quote:
Originally posted by 80569K
Geezus Bundy are you serious? The mining tax is on profits over $50 million and considering we own the ore I would want to kick any Government who is too matey with the miners. Talk about the Labor party wanting to transfer wealth, phhhhttttt.
The billionaire who just about runs the mining industry in this country is also a life member of the Liberal party, you should be able to get the drift from there.
interesting this debate on mining tax?
my thoughts are>> [and please correct me if i have not understood the issue[
the mnerals are ours,
the miners invest squillons, and get back a return on their risk and investment, which is a bg risk,
they pay royalties to the states,
and then company tax on their profits, the same as we all pay tax on income,
what was proposed was an extra tax on them after they made profits more than 6%, equalling approx 30%.
therefore they would end up effectvely paying about 50>60% of tax?
in return the gov, [taxpayer[ was gong to guarantee them should their project fail,
off course this was irrelevant, cause most mines would not start, unless they were dang sure the mine was viable.
so they decided not to invest in aus, cause not worth the return nor risk,
so they will move to ghana, zimbarbwe,argentina, etc, and other safer places to invest.
we as a country lose big time.
i know i would not like the gov to suddenly say we want 30% of any money you have left over after you have paid your bills, and want to save and put n the bank, includng from the previous years as well?
maybe my take on this is wwroo,,,,rroooonngg,,,,wron,,,,,
still cant say it.
cheers
bcb
p.s/ it was jg/swan who did a secret deal with the 3 big miners? to shut them up,
whos supporting big business here??
it was but yesterday, i thought myself a fragment, quivering without rythum in the sphere of life.
now i know i am the sphere, and all of life quivers in rythmic fragments, within me!
kg.