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Saturday, June 12, 2010

Australians are heatedly debating a proposed mining tax (of 40% on all profits) which could devastate one of the strongest sectors of Australia's economy. The row has made Kevin Rudd's reelection as Prime Minister at the end of the year an uncertainty, as the measure is very unpopular.

At some point you would think these politicians would look at the lessons of history when it comes to these taxes on profits, as they always result in companies cutting production and eliminating jobs, resulting in less revenue coming in from other sources like income tax. Hopefully this debate will demonstrate to Australians the futility of sticking with Kevin Rudd and Labour in the coming elections.

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