- Rudd is gone! Long live the Queen.
- Is the media biased on the Resource Rent Tax issue...
- Who is affected by Rudd's tax
- Kevin Rudd has no empathy for taxpayers
- Rudd selective with the facts
- Governments ought not be quasi-equity partners
- When philanthropy is a dangerous concept
- Hogan's moral rights swept aside
- Dr Ross Garnaut's views on the Resource Rent Tax
- Wesfarmers joins RRT opposition
- Strategy for mining industry - part 2
- Oppose the Resource Rent Tax
- Rudd to make concessions
- The anatomy of a tax cheat
- Replies to common misconceptions about RRT
- High Court action not the next step - ask the GG
- Open Letter to the Governor General
- Greatest wealth expropriation coming
- What ought the mining industry do on the RRT
- Non-conceptual mining industry a problem
- Peak mining body ready compromising
- Teele raises sovereign risk issue
- Mining industry is not prepared for the RRT battle...
- The problem with lobbyists
- Miners cancelling projects by the dozen
- ▼ June (25)
Tuesday, June 22, 2010
I think Kevin Rudd needs to get a better sense for who is affected by his Resource Rent Tax. It is not just a case of certain people carrying an unfair burden, but the arbitrariness of the action. Ought the cost of any administration be shared across the taxpayers? Why is one industry targeted?
Ought we have greater empathy for those less fortunate than us? Ought we care about justice? On this occasion there just happens to be some billionaires affected by Rudd's new tax. Some people actually trust their whole retirement savings in mining companies because commodities are like money. i.e. When the US government debases 'paper' money, tangible commodities rise in price. So mining companies are a great way to hang on to your wealth. This is particularly the case for gold, silver and miners of other precious metals.
This tax actually attacks the 'smart money' who know how to invest. So what hope is there for anyone from 'arbitrary' government if they make decisions like this, which would breach the spirit of the Senate, if that body actually worked in protecting the rights of the minorities.
Perhaps Rudd is gaining some confidence because of the strong iron ore and coal prices. The problem is that they are the Chinese-linked commodities which are vulnerable to the Chinese economy, and in the short term, also vulnerable to a stronger AUD. We have to understand that commodity prices in real terms are falling because of the debasement of currencies around the world.
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