Are billionaires who get rich digging up Australia's natural resources paying enough tax?

Gina Rinehart named world's richest woman

Family financial squabbles have done nothing to stop Gina Rinehart's relentless rise as the richest woman in Australia, and now the world.

Her $29 billion mining fortune is $3 billion greater than Christy Walton's, the widow whose inherited wealth springs from US retail giant Wal-Mart.

Ms Rinehart has ridden Australia's resources boom like no-one else; her wealth ballooning by an unparalleled $18.87 billion in the past year, according to BRW magazine's annual rich list.

That equates to $1,077,0540 every 30 minutes of every day.

The gargantuan increase flows from foreign investment in new projects, increased production and a recovery in the iron ore price over the past six months, BRW said.

And much more could be on the way.

"If the demand for natural resources remains strong, additional multi-billion mines are almost inevitable," BRW Rich List editor Andrew Heathcote said.

"There is a real possibility that Rinehart will become not just the richest woman in the world, but the richest person in the world."

That title is currently held by Mexican telecommunications mogul Carlos Slim Helu, with $69 billion.

"A $100 billion fortune is not out of the question for Rinehart if the resources boom continues unabated," Mr Heathcote said.

Three of Rinehart's four children - John Hancock, Bianca Rinehart and Hope Welker - launched a lawsuit against their mother in September in a bid to oust her as trustee of the multi-billion-dollar family trust established by her late father, Lang Hancock.

Unlike many wealthy heirs, Ms Rinehart has not just maintained her fortune but multiplied it many times over.

When she made her debut on the rich list after her father's death in 1992, her net wealth was estimated at $75 million.

Now she is worth 386 times as much.

http://www.abc.net.au/news/2012-05-23/gina-rinerhart-worlds-richest-woman/4028686

Shame Kevin was assassinated before he could fix them up with a proper taxation system

Thats $18b away from every australians pocket.

Thanks Gina.  Thanks Tony.

Roll-on, the mining tax.

And if they won't pay, or bitch about it, nationalise the mines and their companies.

Leave them with (virtually) nothing.

As they are more than happy to do to us.

i think people with lots of money should be taxed because im jealous and dont like people with lots of money

...but she'd trade it all for one night of sweet, sweet lovin. 


Who's game?

i would give her the night of her life for half of it or even less

A very generous offer.  One night with imperium for the low low price of 14.5 billion.

hell, I'd do it for 10 grand, a bottle of hennessy and a wire scrubbing brush.  The Hennessy must be paid upfront.

... wrote on May 23^rd, 2012 at 6:08pm:

A very generous offer.  One night with imperium for the low low price of 14.5 billion. hell, I'd do it for 10 grand, a bottle of hennessy and a wire scrubbing brush.  The Hennessy must be paid upfront.

same

i'd do it for 5 grand tbh

id have no problem porking a fatty (and f*ck id give her the best time of her life too) for money

its just sex

JC Denton wrote on May 23^rd, 2012 at 5:25pm:

i think people with lots of money should be taxed because im jealous and dont like people with lots of money

That's the spirit, nothing like the green eyes of envy to wreck everything hey.  ;)

... wrote on May 23^rd, 2012 at 6:08pm:

A very generous offer.  One night with imperium for the low low price of 14.5 billion. hell, I'd do it for 10 grand, a bottle of hennessy and a wire scrubbing brush.  The Hennessy must be paid upfront.

It'd need to be....... :o

http://images.theage.com.au/2012/05/23/3318699/main-gina1-300x340.jpg

It's not fair that anyone can get so rich using up our resources.

Was Gina Rinehart in the Goonies movie?

http://wwwimage.cbsnews.com/images/2009/07/06/image5136497x.jpg

falah wrote on May 23^rd, 2012 at 10:16pm:

Was Gina Rinehart in the Goonies movie? http://wwwimage.cbsnews.com/images/2009/07/06/image5136497x.jpg

yes.  Starring alongside you if I'm not mistaken.

http://www.horror-movies.ca/AdvHTML_Upload/goonies-2-movie.jpg

Bobby. wrote on May 23^rd, 2012 at 9:47pm:

It's not fair that anyone can get so rich using up our resources.

Too bad we don't live in a democracy I guess

falah wrote on May 23^rd, 2012 at 5:07pm:

Unlike many wealthy heirs, Ms Rinehart has not just maintained her fortune but multiplied it many times over. When she made her debut on the rich list after her father's death in 1992, her net wealth was estimated at $75 million. Now she is worth 386 times as much.

Not a bad effort to increase a 75 million dollar inheritance to many billions, i wonder how much money that gold digger Rose Porteus still has from her share.

What is the company tax rate does the company Gina controls already pay a heap of tax?

Why would anyone feel envy for a woman with loads of money and a family that hate her and are forever fighting her in the courts?

She can have her money, I'll take a loving and close family any time. That makes a man or woman truly rich.

Kat wrote on May 23^rd, 2012 at 5:17pm:

Roll-on, the mining tax. And if they won't pay, or bitch about it, nationalise the mines and their companies. Leave them with (virtually) nothing. As they are more than happy to do to us.

Yes.

It's obscene. Rinehart is repulsive. Revolting. We need a revolution.

Annie Anthrax wrote on May 25^th, 2012 at 5:02pm:

Kat wrote on May 23rd, 2012 at 5:17pm: Roll-on, the mining tax. And if they won't pay, or bitch about it, nationalise the mines and their companies. Leave them with (virtually) nothing. As they are more than happy to do to us. Yes. It's obscene. Rinehart is repulsive. Revolting. We need a revolution.

Why, because she is successful.

I guess you think Australia's richest man under 40, Nathan Tinkler should be paying a high mining tax as well because he has made himself such a fortune.

Separated at birth?

http://media.skateboard.com.au/forum/images/2099_gina_1_460x230.jpg

http://images4.wikia.nocookie.net/__cb20120401011205/filmguide/images/8/83/Jabba-the-hut.jpg

Verge wrote on May 25^th, 2012 at 5:13pm:

Annie Anthrax wrote on May 25th, 2012 at 5:02pm: Kat wrote on May 23rd, 2012 at 5:17pm: Roll-on, the mining tax. And if they won't pay, or bitch about it, nationalise the mines and their companies. Leave them with (virtually) nothing. As they are more than happy to do to us. Yes. It's obscene. Rinehart is repulsive. Revolting. We need a revolution. Why, because she is successful. I guess you think Australia's richest man under 40, Nathan Tinkler should be paying a high mining tax as well because he has made himself such a fortune.

I guess you think it's okay for any single person to have and continue to make such a ridiculous amount of money - more than she could ever spend - while we have homeless families living on the street.

Do you?

Can you not see that there is something very, very wrong with the system that we currently live with?

Annie Anthrax wrote on May 25^th, 2012 at 5:24pm:

Verge wrote on May 25th, 2012 at 5:13pm: Annie Anthrax wrote on May 25th, 2012 at 5:02pm: Kat wrote on May 23rd, 2012 at 5:17pm: Roll-on, the mining tax. And if they won't pay, or bitch about it, nationalise the mines and their companies. Leave them with (virtually) nothing. As they are more than happy to do to us. Yes. It's obscene. Rinehart is repulsive. Revolting. We need a revolution. Why, because she is successful. I guess you think Australia's richest man under 40, Nathan Tinkler should be paying a high mining tax as well because he has made himself such a fortune. I guess you think it's okay for any single person to have and continue to make such a ridiculous amount of money - more than she could ever spend - while we have homeless families living on the street. Do you? Can you not see that there is something very, very wrong with the system that we currently live with?

Gina inherited her father's business, 20 years ago she was worth $75 million after the payout to the gold digger Rose Porteus.
Do you think it is wrong for a child to inherit their parents business annie?

The company tax rate is 30%, her company has been paying 30% tax on its profits.

Gina is not exempt from income tax so she would be paying a large amount every year have a look at the tax rate for the top bracket.

The leftists will claim Howard profited from the mining boom which kept the economy afloat so how did that happen was it from the tax revenue raised?

Is it Gina's fault there are homeless people, should she have taken time out from building a small mining company into a large one to deal with the homeless problem the government should be dealing with?

My Rio tinto shares (sold them about 5 years ago) gave franked dividends which means they already had 30% tax paid on them before i received the money.
A new tax on mining will hurt those investors who have paid top dollar for blue chip stock like rio tinto,if they were silly enough to keep them after labor came into power.

People dont understand how to work the system so they whinge about how unfair things are instead of doing something to improve their position, the system is not wrong it just does not reward laziness.

Right, now she is bypassing Australians and importing guest labor, tax the greedy bitch and give the pensioners and sacked manufacturing workers a fair go.

And this greedy fat cow doesn't even wanna share with her kids.

Someone call the Japanese and tell them they can have this one.

She needs to give up all her money and go onto the pension. It's for her own good, before consumption kills her. It could mend the family rift too.

Annie Anthrax wrote on May 25^th, 2012 at 5:24pm:

Verge wrote on May 25th, 2012 at 5:13pm: Annie Anthrax wrote on May 25th, 2012 at 5:02pm: Kat wrote on May 23rd, 2012 at 5:17pm: Roll-on, the mining tax. And if they won't pay, or bitch about it, nationalise the mines and their companies. Leave them with (virtually) nothing. As they are more than happy to do to us. Yes. It's obscene. Rinehart is repulsive. Revolting. We need a revolution. Why, because she is successful. I guess you think Australia's richest man under 40, Nathan Tinkler should be paying a high mining tax as well because he has made himself such a fortune. I guess you think it's okay for any single person to have and continue to make such a ridiculous amount of money - more than she could ever spend - while we have homeless families living on the street. Do you? Can you not see that there is something very, very wrong with the system that we currently live with?

Wow... What a bunch of sour grapes!!!!

Tell the homeless to go to WA. Why don't you go to WA. There are plenty of jobs so they should be homeless no more.


Of course some jobs in the top end will be working in 40+ with long sleeves, long pants and thick red dust that makes you choke every time you breathe.

My son went between Christmas and New Year and had a permanent job within a few days.


And as far as the mining boom money.... Labor has had the mining boom NOT Howard. ;D

It's hilarious how reactionaries worship people with money, then accuse those of us who do not share their idolatry of being envious.

What cock-eyed thinking.

... wrote on May 25^th, 2012 at 5:18pm:

Separated at birth? http://media.skateboard.com.au/forum/images/2099_gina_1_460x230.jpg http://images4.wikia.nocookie.net/__cb20120401011205/filmguide/images/8/83/Jabba-the-hut.jpg

Thats what 1 billion of plastic surgery gets you, slightly better but still not allowed out in public.

being jealous of somebody who is probably going to die soon from heart disease or a whopper stroke or something

http://images.thevine.com.au/resources/IMGDETAIL/gina%20rinehart%20large_030212081638.jpg

whopper stroke while downing five triple whoppers

http://www.abc.net.au/news/image/3742508-3x2-940x627.jpg