Saturday’s socialist speak out
Bob Brown has resigned as leader of the Australian Greens, and the new leadership of Christine Milne and Adam Bandt is in place. Brown will leave the Senate in June.
What does this seemingly generational shift mean for the Greens and left wing politics more generally?
While we are pondering that, the mining industry has been running ads proclaiming how their taxes have increased over 500% in the last decade. What they don’t mention is that it was from an abysmal level and that their profits have increased much much more. In other words taxes haven’t kept pace with the explosion of mining profits.
They also don’t mention that the mining companies of some of the extremely rich don’t pay tax at all. Twiggy Forrest’s haven’t paid tax for 7 years. Clive Palmer is worth a cool $5 billion according to Business Review Week. Yet his private company, Mineralogy, hasn’t paid tax for the last 3 years.
And although the headline tax rate for companies is 30 percent the effective tax rate of Australian mining companies is only 17%.
Accelerated depreciation and immediate write off of exploration costs give them immense disguised grants. Massive profits and disguised grants through the tax system worth billions (not to mention the fuel subsidy worth almost $2 billion) to people with wealth in the billions and they still don’t pay any tax? Maybe the time has come to introduce some sort of minimum company tax and extend and increase the Minerals Resource Rent Tax.
To have your say on these or other issues hit the comments button.