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Monday, May 2, 2011 | 1:12 p.m.
The bon temps roulez as gold soars, the mining behemoth profits and, of course, gives back generously here in Nevada.
Check out the power point posted at right from Barrick's annual meeting last week -- it's stunning.
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They can pay their fair share - for sure. I'm pissed.
Actually, they pay more than their fair share because in addition to all of the taxes that other businesses pay, mining has a constitutionally mandated, industry-specific tax. Of course that doesn't include any charitable contributions which are quite significant. If you don't believe me, talk to Lander or Eureka County School Districts. I've never understood why people get "pissed" when others experience success, jealously I suppose. Personally, I don't think teachers pay their fair share and I would like to see a profession-specific tax on a per-pupil basis. The more success a teacher has in the classroom in terms of student achievement, the higher their taxes should be...does that make any sense? Of course not; but when mining operators have a good year, all of you public-funds sucking employees want to dig as deep into their pockets as you can. You're the one who signed up to be a teacher so just sit there, be quiet, and be grateful for what the taxpayers' allow you to be compensated.
@randomguy. The issue is not the taxes that all other businesses pay which is a payroll tax of 1.16% on payroll and unemployment tax, but rather it is the huge profits and small effective tax rate. In 2009, the mining industry reported gross revenue of 5.8 BILLION. After all of the deductions in state law, the net profit was 1.8 BILLION. The amount of tax paid was 48.6 MILLION. In contrast, the gaming industry reported gross gambling revenue of 5.8 BILLION and paid 416 MILLION in state taxes.
Oil companies in Alaska pay a 25% royalty to the state. This has resulted in a state budget surplus of 3 BILLION after a payment of $2000 to every citizen of the state, including children. Please explain fair share to me.
Move to a socialist country if you want to get a check from your government. I have a little bit more pride than that and would like to work for mine, thanks!
@randomguy. I wasn't talking about socialism, I was asking a question. Please explain to me and many others why you feel that mining is paying their fair share? Barrack is reporting higher profits and dividends this year. Last time I check, Alaska is part of the US, and not a socialist country.
Most politicians say they can't raise taxes on businesses because the businesses will leave and take jobs with them.
Obviously the foreign interests stealing our mineral resources can't go elsewhere- and
the foreign interests raking in our gold and silver are mostly mechanized and don't provide many real jobs.
So the only reason I could see for Sandy to not want to tax them is kickback money toward elections.
Can anyone come up with a good reason for the hard working people of Nevada to keep subsidizing these companies? I can't.
If Nevada were smart we would do as they do in other countries and excavate our own mineral wealth and spend it on the needs of our State.
Nevada could be bursting at the seams with ready cash. We could be hiring great teachers, putting computers in every school, cutting taxes on working people, filling the small business loan coffers, increasing research and development at the Colleges (which always leads to job growth through innovation), etc, etc..
Instead we are practically giving our only real natural resource away so that it can be shipped to China to be made into goods that are then sold back to us for more profit. Really smart.
Gold down $25...I can't wait for all the dittoheads to lose the money they put into gold. They got suckered by watching Glenn Buck. We'll see $800 before $1800.
Did you see any anyone in Japan running around with Gold after the earthquake buying food, etc., how about Tunisia? Egypt? Syria? How about in the South after the tornadoes? or in Texas after the fires??
Well said randomguy.