Labor also broke dozens of other "promises" as well. Also, wasn't it the original pledge by Rudd to reduce the company tax to 28% being offset by his version of the mining tax? The version that never saw light of day?
They did back pedal and fail to deliver on the company rate cut prior to the mining tax actually producing anything didn't they? Their excuse was they needed the money wasn't it?
Maybe the business community too was smart enough to realise that Labor would never deliver the cut as they were spending way more than they earned already? And business also knew that the mining sector produced a fair bit of wealth that was passed around...so to have the company tax rate reduced at a cost to mining could possibly come at the expense of less income / profit.
Being no one ever saw the drafts of Labor's new taxes who knows how it was calculated and what it did or did not take into account. We do know that Labor failed at pretty well everything else...
