Australia's new mining tax gets support from Nobel prizewinner Joseph Stiglitz. He says mining companies have too much say in Australian politics. This is particularly the case when one sector of politics, namely the Coalition, gets free adds for its re-election to government. The only way to "equalise" this situation is for unions to dig deep and pay for Labor ads. It is obvious who has more to spend - the ones who owe back tax to the Australian people. Over the last few years output and income has gone through the roof for the mining industry.
If the Coalition wins office then Australians will pay the tax foregone to mining companies. Executives will be driven in luxury limousines to the bank to check their bank balances. Then on the way home they will check in for $1,000 meals paid for by their mining companies, out of income before it becomes profit on the books.
Promises have been made on cutting company tax on businesses. But where is the money going to come from? It will come from higher income taxes on the majority of Australians.
Will Tony Abbot break the unwritten rule of new governments - never remove a tax put in place by an earlier administration. Labor condemned John Howard for introducing the GST. Yet it wasn't removed when Labor won government.
If the Coalition wins office then Australians will pay the tax foregone to mining companies. Executives will be driven in luxury limousines to the bank to check their bank balances. Then on the way home they will check in for $1,000 meals paid for by their mining companies, out of income before it becomes profit on the books.
Promises have been made on cutting company tax on businesses. But where is the money going to come from? It will come from higher income taxes on the majority of Australians.
Will Tony Abbot break the unwritten rule of new governments - never remove a tax put in place by an earlier administration. Labor condemned John Howard for introducing the GST. Yet it wasn't removed when Labor won government.
