The Mining Tax and Bank Tax Are Similar

Is a bank tax the same as the Australian minerals tax? Mining companies are playing a dirty game by paying Olympic stars good money to say the mining tax is bad for the country. There isn't much doubt that such a tax is tremendously beneficial to the Australian economy. This is because other countries will quickly follow suit and bring in their own mining tax.

Olympians who go for the money will soon lose support of the community. This has happened in the past when celebrities let their political leanings been known. Straight away half the population doesn't like them anymore. If you belong to the public there are certain things you should keep to yourself. People have long memories.

Not much is being said about the new bank tax proposed by European countries. However, this is much like the Australian minerals tax. There are dangers there for European countries. If the US doesn't bring in a similar tax, banks will re-register there to avoid paying the tax. Perhaps that is why the banks are relatively silent about the whole issue. They could be waiting for an outcome, then jump off the ship and take off in the lifeboat.

Another issue is, who is going to police what governments do with the proceeds of the bank tax? Such a large amount of residual money is a temptation to at least "charge" a fee for looking after it. And the banks have no say in what governments do with the money. Let's face it, it's really a huge tax ripoff. We may not have another financial crisis for fifty years.

There certainly is a similarity about the bank and mining taxes. I wonder why the banks are so quiet?
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