Billionaires vs families' as Rudd, miners trade blows

ANDREA HAYWARD
May 7, 2010



Kevin Rudd has dismissed the protests of "a few billionaires" as his government ramped up the rhetoric in the debate about a planned tax on the super profits of mining companies.

The Prime Minister said those listening to the criticisms of mining magnates such as Andrew Forrest and Clive Palmer needed to take their comments with "a grain of salt".

At the same time, Treasurer Wayne Swan took the Minerals Council of Australia to task over an advertising campaign against the tax that began today.
The government, in response to the Henry tax review, is planning to slug mining companies with a 40 per cent tax from 2012.

The tax is being opposed by the coalition, prompting Mr Rudd to accuse Opposition Leader Tony Abbott of siding with with "billionaire miners" against the interests of working families and better superannuation arrangements.

"I noticed there are a few billionaires out there in the last 24 hours saying that they are going to have a real problem with this," Mr Rudd said.

"I'm pretty interested in what working families need for better super to have a decent retirement."

The minerals council has launched a print advertising campaign stating the industry had paid $80 billion in taxes during the past decade and declaring "that's a fair share".

Mr Swan was not moved by the campaign.

"Never forget it was the council itself that made a submission to the independent tax inquiry suggesting the resources tax be replaced with a profits-based tax," he said.

The government would have been derelict in its duty had it not responded to the Henry review recommendation relating to a resources rent tax, he said.

"There is nothing new in this country about a 40 per cent profits-based tax."

Mr Swan also countered the industry's argument that the tax would create uncertainty about new projects.

There was no certainty for mining companies under present arrangements because state governments could jack up their royalties, he said.

Mr Abbott said the tax would kill the nation's prosperous mining industry.

"Kevin Rudd does not have a plan for the economy, he has a plan to kill the mining boom stone dead," he said during a visit to a mining services company .

"This is a dagger aimed at the heart of Australia's posterity."

He ruled out supporting a watered-down version of the proposed new tax.

Meanwhile former treasurer Peter Costello accused the government of "bodging" a graph to make it look as though taxation from mining companies had been falling.

The graph did not take account of the 30 per cent company tax rate the companies already pay.

"A number of people would have seen that graph and thought taxes on mining were falling, they have not been falling," Mr Costello said.

The existing 30 per cent company tax rate should be sufficient for a government during any resources boom, he said.

http://www.watoday.com.au/national/billionaires-vs-families-as-rudd-miners-trade-blows-20100507-uj0e.html
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Quote :

Mr Abbott said the tax would kill the nation's prosperous mining industry.

Not where foreign investors are concerned, as they purchase what's left of our lucrative mining industries.


Rudd is ruining our country, and whilst Rudd is cleverly resorting to deflection tactics, one has to ask why it is Rudd conducts himself so secretively, this and why our government pages concerning Bills before the government conveniently wont load.


This or why Question time in Parliament comes on at 3am in the morning during a week night.


Wake up Australia, your pants are down, Rudds dick is brown, but you still have no ruddy idea what this rats doing behind the scenes as he continues selling off government bonds to China, no questions asked.