How? By increasing taxes to on the mining industry to a “total burden” of 57% on mining companies. I believe this is the highest rate in the world.
H/T to Andrew Bolt’s blog for this article: “Tax plan shows Swan is a fool”
Treasurer Wayne Swan is a fool if he thinks a new tax on mining companies will do anything other than drive business offshore, mining magnate Clive Palmer says.
Swan’s response is this:
“Clive Palmer acts in the interests of his own fat profits, he doesn’t act in the interest of the Australian people.”
So here we go again. Making money is supposedly somehow bad or evil (thanks Christianity!) and against the interests of others. Both ideas are false.
1) Money represents goods, services or intellectual property. Goods, services and know-how are all required for human life. Human life is a good thing. Money being a inanimate object, or a series of 1s and 0s in a computer is morally neutral I suppose but it represents good, moral human life sustaining goods and services. It’s not the “root of all evil” as many seem to think. Trade is a good thing. Profit is a good thing.
2) Mining companies making profits benefit their miners and mine owners. This is true and this is moral. They also benefit almost everyone else . The more real wealth in the world, the more productivity. The more productivity the higher the standard of living for all. Good economic theory and an analysis of history prove this beyond a doubt. Proper ethical theory as identified by Ayn Rand also explains why. Being productive is a virtue.
Income taxation and denying people the right to their property (a precondition for their life) is harmful. There’s no ideal middle ground. The more you forcibly tax income, the more you confiscate property, the more you use force to redistribute wealth, the more you violate people’s right to their life – the less prosperous people will be overall.
The Australian Labor party have shown their true colours on this issue. They have arrogantly dismissed the concerns of mining CEOs and have shown blatant dishonesty and incompetence. Australian politics is in a disgraceful state.