Australian Politics Forum - Gary Stevenson: "Tax the Mega Rich"

lee

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Re: Gary Stevenson: "Tax the Mega Rich"
Reply #75 - May 13^th, 2026 at 2:50pm

MeisterEckhart wrote on May 13^th, 2026 at 2:45pm:

And the nearly 25 million that the mining industry collectively sunk into discreditation, which is why its abolition became a viable election issue.

Even if they had paid that as tax, instead of deductions, it would still mean the MRRT failed. Roll Eyes

The MRRT was forecast to collect BILLIONS annually, instead it got $200-300 million over its lifetime.

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« Last Edit: May 13^th, 2026 at 2:55pm by lee »

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MeisterEckhart

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Re: Gary Stevenson: "Tax the Mega Rich"
Reply #76 - May 13^th, 2026 at 2:58pm

lee wrote on May 13^th, 2026 at 2:50pm:

MeisterEckhart wrote on May 13^th, 2026 at 2:45pm:

And the nearly 25 million that the mining industry collectively sunk into discreditation, which is why its abolition became a viable election issue.

Even if they had paid that as tax, instead of deductions, it would still mean the MRRT failed. Roll Eyes

The MRRT was forecast to collect BILLIONS, instead it got $200-300 million.

$200-300 million between 2012 and 2014?

And I'd bet the mining industry claimed much of their campaign costs as a tax deduction, so, likely partly taxpayer-subsidised.

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MeisterEckhart Gold Member Offline Australian Politics Posts: 17122 Gender:	Re: Gary Stevenson: "Tax the Mega Rich" Reply #77 - May 13^th, 2026 at 3:05pm lee wrote on May 13^th, 2026 at 2:50pm: The MRRT was forecast to collect BILLIONS annually, instead it got $200-300 million over its lifetime. So, possibly $2 billion over 14 years had it run from 2012 to date, then.
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MeisterEckhart

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Re: Gary Stevenson: "Tax the Mega Rich"
Reply #78 - May 13^th, 2026 at 3:13pm

The MRRT was forecast to raise billions annually, but after mining industry pressure, design concessions, asset deductions and commodity-price changes, it raised only a tiny fraction of the forecast amount before being repealed.

But still would have amounted to billions from 2012 to date had it survived to date.

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Dnarever

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Re: Gary Stevenson: "Tax the Mega Rich"
Reply #79 - May 13^th, 2026 at 3:23pm

MeisterEckhart wrote on May 13^th, 2026 at 3:13pm:

The MRRT was forecast to raise billions annually, but after mining industry pressure, design concessions, asset deductions and commodity-price changes, it raised only a tiny fraction of the forecast amount before being repealed.

But still would have amounted to billions from 2012 to date had it survived to date.

Quote:

MRRT was forecast

These things never work because half the politicians from both sides are financially in bed with the corporations. There are enough loop holes in all this type of legislation because the policy is sunk by people with vested interests in the planning stage.

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MeisterEckhart

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Re: Gary Stevenson: "Tax the Mega Rich"
Reply #80 - May 13^th, 2026 at 3:30pm

Dnarever wrote on May 13^th, 2026 at 3:23pm:

MeisterEckhart wrote on May 13^th, 2026 at 3:13pm:

The MRRT was forecast to raise billions annually, but after mining industry pressure, design concessions, asset deductions and commodity-price changes, it raised only a tiny fraction of the forecast amount before being repealed.

But still would have amounted to billions from 2012 to date had it survived to date.

Quote:

MRRT was forecast

These things never work because half the politicians from both sides are financially in bed with the corporations. There are enough loop holes in all this type of legislation because the policy is sunk by people with vested interests in the planning stage.

Clearly Labor politicians weren't in bed with the mining industry, which cynically sunk $25 million into a public discreditation scare campaign to persuade the Australian people to act against their own interests.

Aboot and co saw an opportunity to cynically exploit public misgivings that otherwise would have been a no-brainer as a great good for the people.

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lee

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Re: Gary Stevenson: "Tax the Mega Rich"
Reply #81 - May 13^th, 2026 at 3:58pm

MeisterEckhart wrote on May 13^th, 2026 at 3:05pm:

So, possibly $2 billion over 14 years had it run from 2012 to date, then.

As against billions annually for 12 years. But you forgot the compliance cost part.

lee wrote on May 13^th, 2026 at 2:37pm:

Perceived complexity and uncertainty: The MRRT’s rules (valuation of royalties, uplift adjustments, loss carry‑forwards, and accounting treatment) were seen as complicated, producing uncertainty for companies and advisers.

lee wrote on May 13^th, 2026 at 2:37pm:

Administrative and compliance concerns: The ATO and industry highlighted practical difficulties in administering and complying with the MRRT, increasing perceived costs for both government and companies.

lee wrote on May 13^th, 2026 at 2:37pm:

Economic timing and market conditions: Commodity price volatility (especially for iron ore and coal) reduced the apparent justification for a new resource rent tax during downturns.

Practical difficulties - the cost of badly drawn legislation. Roll Eyes

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MeisterEckhart

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Re: Gary Stevenson: "Tax the Mega Rich"
Reply #82 - May 13^th, 2026 at 4:12pm

lee wrote on May 13^th, 2026 at 3:58pm:

MeisterEckhart wrote on May 13^th, 2026 at 3:05pm:

So, possibly $2 billion over 14 years had it run from 2012 to date, then.

As against billions annually for 12 years. But you forgot the compliance cost part.

So, for argument's sake, let's say $1.5 Billion, then...

That would have been at least $1.5 Billion over 14 years at little to no cost to the taxpayer... All gain, no pain.

And the mining industry acceded to the Gillard government's watered-down version of the original proposal and pulled the discreditation campaign, but the political damage had been done, and Abbott was on it.

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lee

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Re: Gary Stevenson: "Tax the Mega Rich"
Reply #83 - May 13^th, 2026 at 4:19pm

MeisterEckhart wrote on May 13^th, 2026 at 4:12pm:

That would have been at least $1.5 Billion over 14 years at little to no cost to the taxpayer... All gain, no pain.

Mining companies are taxpayers. Roll Eyes

MeisterEckhart wrote on May 13^th, 2026 at 4:12pm:

And the mining industry acceded to the Gillard government's watered-down version of the original proposal and pulled the discreditation campaign, but the political damage had been done, and Abbott was on it.

And the fiscal balance never added up. Just like the current budget.

Why don't you want to comment on what the ATO said at the time? Doesn't suit your mantra? Roll Eyes

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MeisterEckhart Gold Member Offline Australian Politics Posts: 17122 Gender:	Re: Gary Stevenson: "Tax the Mega Rich" Reply #84 - May 13^th, 2026 at 4:21pm lee wrote on May 13^th, 2026 at 4:19pm: MeisterEckhart wrote on May 13^th, 2026 at 4:12pm: That would have been at least $1.5 Billion over 14 years at little to no cost to the taxpayer... All gain, no pain. Mining companies are taxpayers. Do you feel like Twiggy Forrest? Or a mining company?
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MeisterEckhart Gold Member Offline Australian Politics Posts: 17122 Gender:	Re: Gary Stevenson: "Tax the Mega Rich" Reply #85 - May 13^th, 2026 at 4:25pm lee wrote on May 13^th, 2026 at 4:19pm: Why don't you want to comment on what the ATO said at the time? Doesn't suit your mantra? Yep, and the hearts of Australians would bleed for the practical difficulties in administering and complying with the MRRT, eh!
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lee

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Re: Gary Stevenson: "Tax the Mega Rich"
Reply #86 - May 13^th, 2026 at 4:34pm

MeisterEckhart wrote on May 13^th, 2026 at 4:25pm:

Yep, and the hearts of Australians would bleed for the practical difficulties in administering and complying with the MRRT, eh!

That ATO would, because they are the ones charged with auditing. There is a cost to compliance and even now, 12 years later, with better computers and software would still be horrendously expensive.

So we know you don't do economics, where buyers can go to other producers, in other countries, if cheaper. You don't understand the complexities of tax law. You just don't understand period. Roll Eyes

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MeisterEckhart

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Re: Gary Stevenson: "Tax the Mega Rich"
Reply #87 - May 13^th, 2026 at 4:51pm

lee wrote on May 13^th, 2026 at 4:34pm:

MeisterEckhart wrote on May 13^th, 2026 at 4:25pm:

Yep, and the hearts of Australians would bleed for the practical difficulties in administering and complying with the MRRT, eh!

That ATO would, because they are the ones charged with auditing. There is a cost to compliance and even now, 12 years later, with better computers and software would still be horrendously expensive.

So we know you don't do economics, where buyers can go to other producers, in other countries, if cheaper. You don't understand the complexities of tax law. You just don't understand period. Roll Eyes

Yes, of course... and the average Australian would be awake at 3:00am worrying about the details... The mining industry decimation campaign wasn't targeted at the details as much as mass unemployment within the industry as mines were shut down.

And if the Chinese could have 'cut Australia off' that easily, it would already have done it, particularly under Xi Jinping's rule... who is obsessed with driving a wedge between the US-Australia alliance... And not so much cut Australia off, but blackmail Australia with the threat of cutting us off... It hasn't happened yet... and it likely never will.

And, money guy, given that the 2 years it was running, it made about 200 million, which means that it wasn't like it was doing nothing for Australians...

And, money guy, what was 200 million in 2012 worth? 400 million today? You'd know that, wouldn't you, money guy?

Face it... Australians got f~cked up the arse by a powerful local industry run by Australians... and were expected to thank the industry for the ride.

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« Last Edit: May 13^th, 2026 at 4:59pm by MeisterEckhart »

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lee

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Re: Gary Stevenson: "Tax the Mega Rich"
Reply #88 - May 13^th, 2026 at 6:27pm

MeisterEckhart wrote on May 13^th, 2026 at 4:51pm:

and the average Australian would be awake at 3:00am worrying about the details...

The average Australian knows about as much as you, maybe more. Roll Eyes

MeisterEckhart wrote on May 13^th, 2026 at 4:51pm:

And, money guy, what was 200 million in 2012 worth? 400 million today? You'd know that, wouldn't you, money guy?

The CPI has risen 28.5% in the 12 years. 200x 1.285 is nowhere near $400m. Even using the rule of 72 it is less than 40% or 1.4.

And thanks for showing your "knowledge". Bye.

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« Last Edit: May 13^th, 2026 at 6:36pm by lee »

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MeisterEckhart

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Re: Gary Stevenson: "Tax the Mega Rich"
Reply #89 - May 13^th, 2026 at 6:39pm

lee wrote on May 13^th, 2026 at 6:27pm:

MeisterEckhart wrote on May 13^th, 2026 at 4:51pm:

and the average Australian would be awake at 3:00am worrying about the details...

The average Australian knows about as much as you, maybe more. Roll Eyes

MeisterEckhart wrote on May 13^th, 2026 at 4:51pm:

And, money guy, what was 200 million in 2012 worth? 400 million today? You'd know that, wouldn't you, money guy?

The CPI has risen 28.5% in the 12 years. 200x 1.285 is nowhere near $400m.

And thanks for showing your "knowledge". Bye.

So, close to 300 million, then... chump change to you? Not worth it to Australians? Best to knock it on the head and be done with it, eh!

For a money guy, you post here that your assets are worth less than those of most boomers... wouldn't that line you up as a generational loser, money guy?

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