RR Phantom
Location : Wasted Space Job/hobbies : Cayman Islands Actuary
| Subject: Idiot: William Pesek, a Bloomberg columnist, claims OZschwitz mining resources belong to 22 million people, so it's OK to tax Thu Jun 17, 2010 4:15 am | |
| Australia is committing economic suicide.
That's what the hyperbolic backlash over Kevin Rudd's planned 40 per cent tax on mining profits would have you believe. Executives are foaming at the mouth with every free-market cliché imaginable: the prime minister is killing the goose that laid the golden eggs, tossing the baby out with the bathwater, shooting the economy in the foot, you name it.
This bellyaching misses the point. The tax is the right thing to do and miners will have to live with it.
We can quibble over Rudd's clumsy introduction. The tax's sudden appearance and complicated mechanics left voters scratching their heads. Yet the levy is right for three reasons.
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