“Australia passed legislation that will reap about $11 billion in taxes within three years from BHP Billiton Ltd. (BHP), Rio Tinto Group and other iron-ore and coal miners as the government seeks to turn its budget to surplus.
Prime Minister Julia Gillard’s Minerals Resource Rent Tax was passed in the upper house yesterday and will become law on July 1 after receiving backing from the ruling Labor party and the Greens, who hold the balance of power in the Senate….”
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Wow, and I bet a 30% theft off the top won’t impact their overall revenues at all!
What a great idea, dumbass socialist gummint!
And hey… that flock of golden geese you just found? I hear that if you cut off their heads, you can get ALL the eggs at once!
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All japing aside, it’s idiot-measures like this that make me wonder how anyone even partially intelligent could be a Democrat, never mind a Socialist.
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It didn’t work when they tried a similar tax grab on gold a few years back, why would they think it would work on iron ore?
They are either trying to destroy the mining industry in sparsely populated Australia or they are complete innumerate idiots.
Likely, it’s large dollops of both.
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