Ann: International Update , page-21

etherazer, like I mentioned previously, we can go on and on about this tax issue. But here is my reply for super profit tax.

The name itself pretty much says it all. It is a tax on the profits over certain level of profits. If you are happy to see the equal distribution of wealth in Australia, you will be able to understand and appreciate the concept of super profit tax. A person working on the road makes the same amount of money as an intermediate accountant. This is not the case in say India and that is why there is a massive in-equal distribution of wealth.

The govt didn't introduce this tax when the economy was all healthy. But the credit crunch over the past few years has lead to this situation, as the govt must get the money flowing to provide services to the general public like healthcare, dole, roads, education, etc. Yes you are getting less return on your investment in shares but you got to give something for the better good of the majority.

The Govt is trying to be the modern day Robin Hood and I don't see a problem in that.

Generally people who invest in shares do so as they have spare money to spend and it is an investment for them. I am not concerned if I am making a little less money on my investment due to the super tax or whatever tax it is, as I know that the money I am loosing now is being used for a good purpose.

I don't know if I am making any sense here but Australia and its companies are still very strong as long as they stay Australian. Stop other countries entering Australia and you would be laughing even if there is more super tax to come in future.

I am not against Capitalism and I am not a socialist. But if capitalism is making one person rich at the expense of a lot of other people, then I don't think we need such a situation in this sort of economic condition. Also remember that the credit crunch is happening the capitalistic countries.

Share and live. This applies now more than ever to any economy in the world.

Just my thoughts.