Resources Super Profit Tax Thread (2 Viewers)

[Rothbard]

Okay so basically, this is a thread for the back and forth on the RSPT, given that I've recently seen both of the ads and the Government is getting *SMASHED* in the whole advertising stakes.

Invoking state of emergency powers is an absolute joke and makes a mockery of what is a state of emergency.

No idea how the government (With all the guns and 15% of GDP) can't compete with an industry.

What's your opinion on this tax?

Vote and then explain.

 

[Optimus Prime]

No because it opens the government up to massive liabilities on projects that never generate money, as far as I can tell.

 

[Rothbard]

No because it's a ridiculous attempt to shaft the one industry that saved us from recession and the one industry that builds up Australian prosperity year after year.

 

[xMaNx]

No because our economy has a good chances of collapse.

 

[Optimus Prime]

No because it's a ridiculous attempt to shaft the one industry that saved us from recession and the one industry that builds up Australian prosperity year after year.

Yeah I don't think the idea is terrible, i.e. moving away from royalties, but I don't see why mining should bare a bigger tax burden than anyone else.

 

[Phoenix Fury]

No because it will likely damage the mining industry and therefore our economy, and cos increasing tax is shit.

 

[loquasagacious]

No.

- All minierals are not the same
- Mining is not a no risk (6% return) industry
- 40% of losses is forced nationalisation at best and a promise miners can't rely on at best
- Undermines Federalism
- Hurts competitiveness of Australian mining and threatens our prosperity
- Govt should balance the books by cutting spending not increasing taxes - especially when so many billions have been wasted

 

[Lolsmith]

No because they outwardly mentioned it was so "everyone can share in Australia's prosperity" in an advertisement.

This is not why things should be taxed.

 

[Garygaz]

Undecided because the mining industry are playing a scare campaign. They are threatening to shut down less profitable projects as a result of the tax when in fact the tax will give less profitable projects a bigger tax break while more heavily taxing more profitable ones.

 

[runoutofsleep]

no because you should not kill a gold egg goose

keep gooses strong

 

[TacoTerrorist]

Yes, because mining companies make too much money.

 

[Lolsmith]

Yes, because mining companies make too much money.

Please tell me you're a troll.

 

[jkdsfsio3458963]

yes, because i am an ignorant 18 year old and to be honest I think the Economists that support the tax know a lot more about the issue than i do and it is probably safe to say they know alot more about the issue than some of the pretentious fuckwits on this website

 

[TacoTerrorist]

^ What? Is being anti-capitalist so crazy a notion? Fuck them all.

Anti-capitalist: 'Everyone should have a decent standard of life and be treated like a human being.'

Capitalist: 'Lol!11!!!'

 

[FutureSight01]

I think that if they're making 40-50% returns on some of their investments, it's not such a big thing to tax them more? Also, if they're making billions and billions out of it, it's not unreasonable to tax it. Not like they're going to abandon us for some 3rd world country with undeveloped capital bases.

EDIT: http://www.businessspectator.com.au...ysteria-pd20100510-5ARLS?opendocument&src=rss

 

[Lentern]

Given that I can't stand what the mining (and related industries) do to the environment I hope it drives them out of business and would prefer it to be higher and on all profits. Given our habit of building economies on non renewables we literally do need to have a recession before we can move toward sustainable growth.

 

[Sleight_of_Hand]

I completely support the idea from an economic perspective. Basically the government is saying that they will TAX ACCORDING TO PROFITS, meaning that lower profits = lower tax (vice verca). The problem with this idea is that the threshold, which is measured off the long term government bond rate. This threshold should be higher.

So why is it a good idea? Because basically the motherfucking mining CEOs are taking advantage of OUR communal resources, exploiting its supply, and gaining ridiculous profits on it. SUper profits represent profits beyond the requirement for a company to stay afloat. For example, BHP and Rio Tinto made so much profits in the past that they didn't know what to do with it. THis resulted in higher share dividents.

By implementing the tax policy, there is a better distribution of income, away from the super rich miners and towards those who are disadvantaged. This will be reflected through other fiscal policies to increase welfare support in AUstralia.

The miners are just stating that jobs will be lost etc. etc, but in reality, the tax is for SUPER PROFITS, not PROFITS. A distinction between the terms must be made. Mining companies can continue their investments regardless of this tax because the required profit margin has already been reached.


Edit: Note that this tax is effective after taking all production costs (dunno the exact policy desions) into account. So for example, if COmpany A makes $100 in profits and spends $30 on production, the RSPT will be 40% of $70 not 40% of $100.

 

[Graney]

I think most people would agree that Australia's mineral resources belong to all Australians.

We can also agree that it's important that we each get a fair share of returns from Australia's resources.

 

[Rothbard]

yes, because i am an ignorant 18 year old and to be honest I think the Economists that support the tax know a lot more about the issue than i do and it is probably safe to say they know alot more about the issue than some of the pretentious fuckwits on this website

jhahahahahahahhahahHAHAAHahAHAHAHAHahAHAHAHhahA

Okay stick to reading Ross Gittins

 

[Rothbard]

Look I feel that True blue Aussies

are entitled to a share of everything

done within australia

and as such

anything of any value

should be organised by the government

and then

basically

shared

okay guys, basically if we nationalise australia

true blue fair dinkum aussies

can fuckan win at this cunt