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It Reignites Calls For Increased Taxes On Minners. (Read 687 times)
imcrookonit
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It Reignites Calls For Increased Taxes On Minners.
Feb 17th, 2011 at 1:07pm
 
A MASSIVE $10.5 billion half-year profit announced by BHP Billiton has reignited calls for the federal government to ramp up taxes on mining companies to secure a bigger share of the resources boom for Australian taxpayers.   Wink

BHP's half-year result - the biggest in Australian corporate history- was announced on the same day it emerged that Labor's backdown on the mining tax before the federal election could end up costing taxpayers $60 billion over a decade.

But Prime Minister Julia Gillard said she would not budge on the mining resource rent tax, the watered-down plan that emerged after the government caved in to a public campaign by mining companies against its original ''super profits'' tax.   Smiley


''We will deliver … the tax as I agreed it with Australia's biggest mining companies. We will not be compromising that agreement,'' Ms Gillard said.   Smiley

BHP's profit for the final six months of 2010 was up 72 per cent on a year earlier, and puts the company on track for Australia's first annual result of more than $20 billion.

Treasury estimates revealed yesterday show Kevin Rudd's original mining super profits tax would have reaped $99 billion for taxpayers between 2012-13 and 2020-21. The revised tax was tipped to bring in $38.5 billion - or $60.5 billion less.

''The big mining companies will effectively take $60 billion out of Australian taxpayers' pockets as they gouge profits out of Australian soil and ship it offshore,'' Greens leader Bob Brown said in response to the Treasury figures.   Sad

''This profit of BHP in the order of $20 billion-plus for a year, headed in the region of $27 billion next year, the analysts tell us, is something that government has to see properly and adequately shared to the Australian people. And that's not going to happen unless we have governments with backbone.''

Senator Brown also took aim at the Coalition for its opposition to any mining tax. ''Tony Abbott and Joe Hockey will pull the rug from under the Greens' efforts to make a better deal for Australians on education, health, housing, transport,'' he said.   Angry  

Treasurer Wayne Swan defended the revised tax, saying it would have been too difficult to get the super profits tax through Parliament. ''It was pretty clear that we were not going to get the original proposal through, it was very clear that we needed to design a tax with different features, which did raise less revenue,'' Mr Swan said.

He also played down the estimate of a $60.5 billion revenue loss flowing from the tax backdown, saying it did not take in variables such as fluctuating profits and the Australian dollar.

Shadow treasurer Joe Hockey said BHP's massive profit had not changed the Coalition's opposition to the mining tax.   Sad

''BHP and Rio are world citizens, they're not particularly Australian,'' he said. But he said it was extraordinary that Ms Gillard ''gave up $60 billion to win the election and stop the miners advertising against Labor''.

Despite a record profit fuelled by booming commodity prices, BHP's share price fell 1.6 per cent yesterday because the result was slightly short of expectations. But the company is optimistic, with plans to spend $80 billion over five years expanding its business, mostly in Australia.
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imcrookonit
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Re: It Reignites Calls For Increased Taxes On Minners.
Reply #1 - Feb 17th, 2011 at 1:09pm
 
Its so sad that they should have to pay their fair share of taxes.    Cry
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gizmo_2655
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Re: It Reignites Calls For Increased Taxes On Minners.
Reply #2 - Feb 17th, 2011 at 1:54pm
 
Quote:
Its so sad that they should have to pay their fair share of taxes.    Cry



Really?....Exactly how much tax do the mining companies pay now....(You can answer in Percentage or in dollars..)

Here's a hint...

"Australia accounted for two-thirds of BHP's total tax bill of $US7.1 billion last year,"....that equals US$4.7 billion in taxes, paid to the Australian Government..Out of a worldwide profit of $52.8 billion...
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« Last Edit: Feb 17th, 2011 at 2:05pm by gizmo_2655 »  

"I just get sick of people who place a label on someone else with their own definition.

It's similar to a strawman fallacy"
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imcrookonit
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Re: It Reignites Calls For Increased Taxes On Minners.
Reply #3 - Feb 17th, 2011 at 2:04pm
 
Its so sad, they only made a $10.5 billion half year profit.  I got to go lie down.  Its so sad.   Cry
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Verge
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Re: It Reignites Calls For Increased Taxes On Minners.
Reply #4 - Feb 17th, 2011 at 6:47pm
 
It wont happen beause the greens want it higher, the ALP isnt game to take on the miners and increase it and because the greens are obstructionist they will reject it and it will fall by the way side.

Same as their ETS, they would rather not have one since they cant get it the way they want it.
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And why not, if you will permit me; why shouldn’t I, if you will permit me; spend my first week as prime minister, should that happen, on this, on your, country - Abbott with the Garma People Aug 13
 
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whatsforme
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Re: It Reignites Calls For Increased Taxes On Minners.
Reply #5 - Feb 17th, 2011 at 7:27pm
 
<<Its so sad, they only made a $10.5 billion half year profit.  I got to go lie down.  Its so sad.>>


It's what you do most of the day crook, lie down that is.
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Re: It Reignites Calls For Increased Taxes On Minners.
Reply #6 - Feb 17th, 2011 at 7:38pm
 
Verge wrote on Feb 17th, 2011 at 6:47pm:
It wont happen beause the greens want it higher, the ALP isnt game to take on the miners and increase it and because the greens are obstructionist they will reject it and it will fall by the way side.

Same as their ETS, they would rather not have one since they cant get it the way they want it.



Greens with there four pillars are the only anchored political party.

As Labor grows with confidence, so they will their policies. Labor will take the leap and take on Greens policies, like a carbon and a super tax.
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