$52 million every single day!

[justginger]

Just double-checking something I wrote in another thread.

Gina Rinehart, the richest person most non-Aussies have probably never heard of, is a mining magnate who earns over $50 million DAILY.

To be really depressed, you can visit this site, which calculates how long it takes her to earn your yearly salary: http://www.howrichareyou.com.au

 

[ksinger]

Just double-checking something I wrote in another thread.

Gina Rinehart, the richest person most non-Aussies have probably never heard of, is a mining magnate who earns over $50 million DAILY.

To be really depressed, you can visit this site, which calculates how long it takes her to earn your yearly salary: http://www.howrichareyou.com.au

No, she takes HOME 52 mil per day. I guarantee, she does not EARN it.

 

[justginger]

Just double-checking something I wrote in another thread.

Gina Rinehart, the richest person most non-Aussies have probably never heard of, is a mining magnate who earns over $50 million DAILY.

To be really depressed, you can visit this site, which calculates how long it takes her to earn your yearly salary: http://www.howrichareyou.com.au

No, she takes HOME 52 mil per day. I guarantee, she does not EARN it.

 

[rosetta]

Well, that website informed me that Australians pay $7 to visit their GP.

I'm ignoring the rest

 

[JewelFreak]

Where's mine? I want some!

 

[Dancing Fire]

Is it illegal for Australians to earn $52 million a day?...

 

[Sky56]

haha! With that kind of income, I'd be living the high life AND solving a lot of the world's problems. Some of these hyper-rich people do a lot of good charity work quietly behind the scenes.

 

[ksinger]

Is it illegal for Australians to earn $52 million a day?...

Rather obviously not. The woman clearly has 52 mil legally coming into her possession daily. I just question the "earn" label. I "earn" money in my portfolio (daily if times are good) and I do exactly zip for it. I neither tote that barge nor lift that bail.

 

[justginger]

Well, that website informed me that Australians pay $7 to visit their GP.

I'm ignoring the rest

Not yet, but we will if the new budget goes through. I've already had my tirade about it in another thread.

 

[justginger]

haha! With that kind of income, I'd be living the high life AND solving a lot of the world's problems. Some of these hyper-rich people do a lot of good charity work quietly behind the scenes.

Gina Rinehart appears to solve zero world problems. She is a strong supporter of sending business offshore because she thinks the minimum wage here is outrageously high and cuts into her profits. Goodness only know how much she thinks she SHOULD be earning, on the backs of African miners instead of her fellow countrymen.

 

[misskittycat]

Well, that website informed me that Australians pay $7 to visit their GP.

I'm ignoring the rest

It's not actually true in the vast majority of cases. We have this concept called bulk billing where the government pays for your doctors visit but none of the doctors where I live (reasonably affluent area) bulk bill. So I pay $85 to see my doctor for 15 minutes and the Medicare rebate is $36.90. So I end up paying $48.10 to see my doctor. The current government are intending on dropping the rebate by $7 which means people who see a bulk billing doctor will have to pay $7. Those of us who already make a copayment to see a doctor will pay more.

I'd say the majority of Australians don't see a bulk billing doctor. They are like health clinics - most don't take bookings, you don't see the same doctor, appointments are brief. You can wait for hours to see a doctor...

 

[Sky56]

haha! With that kind of income, I'd be living the high life AND solving a lot of the world's problems. Some of these hyper-rich people do a lot of good charity work quietly behind the scenes.

Gina Rinehart appears to solve zero world problems. She is a strong supporter of sending business offshore because she thinks the minimum wage here is outrageously high and cuts into her profits. Goodness only know how much she thinks she SHOULD be earning, on the backs of African miners instead of her fellow countrymen.

Wow. She sounds creepy.

 

[justginger]

Well, that website informed me that Australians pay $7 to visit their GP.

I'm ignoring the rest

It's not actually true in the vast majority of cases. We have this concept called bulk billing where the government pays for your doctors visit but none of the doctors where I live (reasonably affluent area) bulk bill. So I pay $85 to see my doctor for 15 minutes and the Medicare rebate is $36.90. So I end up paying $48.10 to see my doctor. The current government are intending on dropping the rebate by $7 which means people who see a bulk billing doctor will have to pay $7. Those of us who already make a copayment to see a doctor will pay more.

I'd say the majority of Australians don't see a bulk billing doctor. They are like health clinics - most don't take bookings, you don't see the same doctor, appointments are brief. You can wait for hours to see a doctor...

I enjoy the benefit of seeing a bulk billing doctor, as I am a uni student now. When I calculated how much this second degree will cost me, in lost wages, overtime, tuition, and general education expenses, we're close to $150,000. Now HECS will be going up, the repayment threshold going down, and unis will soon no longer have forced capped tuition. I'll take my extra $7 benefit wherever I can get it.

 

[missy]

haha! With that kind of income, I'd be living the high life AND solving a lot of the world's problems. Some of these hyper-rich people do a lot of good charity work quietly behind the scenes.

Gina Rinehart appears to solve zero world problems. She is a strong supporter of sending business offshore because she thinks the minimum wage here is outrageously high and cuts into her profits. Goodness only know how much she thinks she SHOULD be earning, on the backs of African miners instead of her fellow countrymen.

Wow. She sounds creepy.

And also sounds like an awful person based on your above description. I cannot imagine having so much and yet helping others so little.

 

[justginger]

haha! With that kind of income, I'd be living the high life AND solving a lot of the world's problems. Some of these hyper-rich people do a lot of good charity work quietly behind the scenes.

Gina Rinehart appears to solve zero world problems. She is a strong supporter of sending business offshore because she thinks the minimum wage here is outrageously high and cuts into her profits. Goodness only know how much she thinks she SHOULD be earning, on the backs of African miners instead of her fellow countrymen.

Wow. She sounds creepy.

And also sounds like an awful person based on your above description. I cannot imagine having so much and yet helping others so little.

To sell her personality further, she spent 14 years locked in a legal battle with her children (and stepchildren?) over control of the company after her husband passed. None of the children have hosted her at their weddings. All that money, but you can't buy the things in life that really matter.

 

[LaraOnline]

haha! With that kind of income, I'd be living the high life AND solving a lot of the world's problems. Some of these hyper-rich people do a lot of good charity work quietly behind the scenes.

Gina Rinehart appears to solve zero world problems. She is a strong supporter of sending business offshore because she thinks the minimum wage here is outrageously high and cuts into her profits. Goodness only know how much she thinks she SHOULD be earning, on the backs of African miners instead of her fellow countrymen.

Wow. She sounds creepy.

And also sounds like an awful person based on your above description. I cannot imagine having so much and yet helping others so little.

Well she'd pay half of that in income tax. So she's certainly helping the Aussie political system, such as it is.

 

[justginger]

haha! With that kind of income, I'd be living the high life AND solving a lot of the world's problems. Some of these hyper-rich people do a lot of good charity work quietly behind the scenes.

Gina Rinehart appears to solve zero world problems. She is a strong supporter of sending business offshore because she thinks the minimum wage here is outrageously high and cuts into her profits. Goodness only know how much she thinks she SHOULD be earning, on the backs of African miners instead of her fellow countrymen.

Wow. She sounds creepy.

And also sounds like an awful person based on your above description. I cannot imagine having so much and yet helping others so little.

Well she'd pay half of that in income tax. So she's certainly helping the Aussie political system, such as it is.

I bet her speccy lawyers have her money locked up tight - loopholes abound for those who have the money to pay a professional to find them. Don't get me wrong, there's no doubt she's contributing, but I would be surprised if her team of pros don't take very good care of her accounts.

 

[LaraOnline]

Well it is true that half the money earned as a capital gain is not taxed, while the other half is taxed at your highest rate of income tax.
That is a 'loophole' for wealthy people I guess. Us ordinary schmucks just take up that wazoo because we live on income, and never can get the point where we can invest.
And overall I would say the taxation system here is pretty much water tight.
There are lots of vague and quite dark rumours in Australia about how 'business owners' have got it sooooo good.
Now, I'm not in the same league as GR (LOL LOL OMG i feel ill with hysterical laughter)
But.... I can miserably affirm that in small business at least there are no mysterious 'benefits' to speak of, and the government makes several multiples from our business, in comparison with the take home pay that we enjoy from our efforts each year.
The comparitively huge amounts we rip from our community and send to Canberra each year are nothing compared to Gina's contribution.
I feel comfortable saying that even if GR paid no more than 30 percent in the dollar on all personal income she's basically keeping this country afloat... but overall I'm sceptical when I hear about these mysterious 'loopholes' that allow business people to pay no tax on personal income. Never seen one myself and I've been in business for a long time now!

 

[justginger]

Well it is true that half the money earned as a capital gain is not taxed, while the other half is taxed at your highest rate of income tax.
That is a 'loophole' for wealthy people I guess. Us ordinary schmucks just take up that wazoo because we live on income, and never can get the point where we can invest.
And overall I would say the taxation system here is pretty much water tight.
There are lots of vague and quite dark rumours in Australia about how 'business owners' have got it sooooo good.
Now, I'm not in the same league as GR (LOL LOL OMG i feel ill with hysterical laughter)
But.... I can miserably affirm that in small business at least there are no mysterious 'benefits' to speak of, and the government makes several multiples from our business, in comparison with the take home pay that we enjoy from our efforts each year.
The comparitively huge amounts we rip from our community and send to Canberra each year are nothing compared to Gina's contribution.
I feel comfortable saying that even if GR paid no more than 30 percent in the dollar on all personal income she's basically keeping this country afloat... but overall I'm sceptical when I hear about these mysterious 'loopholes' that allow business people to pay no tax on personal income. Never seen one myself and I've been in business for a long time now!

I am under the impression that most loopholes for the very wealthy are related to being able to make business taxation claims - she has a $7 billion debt on one mine, so that would offset a portion of her yearly income. Especially in her business...she could buy the entirety of Western Australia and write it all off on taxes!

 

[LaraOnline]

Yes, it would be interesting to know the lie of the land for the fabulously wealthy.
But let us not forget that repayment of bank principal is classified as profit. So you pay tax on every cent you pay back to the bank!