BHP’s $22 billion profit – please don’t tax them Mr Swan
Posted by John, August 24th, 2011 - under BHP, Minerals Resource Rent Tax, Resource Super Profits tax, Resource rent taxes.
Remember all the lies about a Resource Super Profits Tax and the compromise anaemic brother, the Minerals Resource Rent Tax?
The end of mining. The destruction of the economy. Massive unemployment. No investment.
BHP announced a $22.5 billion profit today. It is the biggest profit in Australian corporate history and an 85.9 percent increase over last year.
Its effective tax rate was 23.4 percent (including royalties which total almost 3 percent of that figure). So let’s call it an effective income tax rate of 20 percent.
The corporate company tax rate in Australia is 30 percent.
If these profits had been made after 1 July next year the Minerals Resource Rent Tax (which only applies to coal and iron ore) would get a little of that super profit. The original Resource Super Profit Tax would have applied to all resources and have raised much much more from BHP/s huge [profit.
That’s more money for schools, hospitals, public transport and renewable energy. Oh but hang on, the Labor Government won’t use any extra tax money for these tings. They’ll shovel most of any extra tax back to business with company tax cuts.
Maybe it is time to squeeze the mining companies until their pips squeak.
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Comments
Comment from juanR
Time August 25, 2011 at 10:27 am
Please John, have some faith. Maybe BHP will emulate its super rich French cousins and offer to be taxed a little bit more to help get Oz through the coming depression.
Comment from Ross
Time August 25, 2011 at 7:21 pm
Grace,Gough’s greatest sin was to seek loans from the Arabs( Kemlani loans affair)He went for a lower interest rate thus breaking the traditional monopoly of the US/Europe Central banks.Gough did spend too much and created a lot of inflation but he had good intentions.
BHP/Biliton employs 41,000 people and they make $58,000 profit for every employee.What other business can achieve this? Perhaps the banks who produce nothing.Definitely not manufacturing or retail.
We should not be flogging of our resources for a song.It is all short term thinking.Both the major parties are whores to the global elites.
Comment from Grace Gorman
Time August 25, 2011 at 10:24 am
No “maybe” about it, sir. If Gough Whitlam had’ve been allowed to get on with things we would’ve been owning those bloody mines for 36 years now. but – er – that’s why he was sacked, wasn’t it? A capitalist-owned-media-manufactured slump in confidence and the rest is history.