Administration's Proposed Mining Tax Threatens Health of U.S. Minerals Mining
As the stalled economy pushes Washington closer to a decision on how to manage America’s wealth of mineral resources, two paths have emerged.
One offers the possibility of increased domestic minerals production and the potential for long-term growth. Through legislation that would assess America’s mineral needs, we can maximize opportunities in mining, one of the few sectors that consistently added jobs despite the stagnant economy.
The other path is defined by a $1.8 billion tax on mining that would further complicate domestic minerals production. The mining industry calls the proposed new tax, a “Dirt Tax,” as it is calculated based on every pound of dirt moved. Naturally, this new tax puts expansion plans at risk and makes U.S. mining less attractive to investors. American businesses would then have no choice but to import more of their mineral raw materials from foreign suppliers—despite the $6.2 trillion worth of key minerals within our borders.
You can learn more at the following site and/or by contacting Mike Mills or Tom Henry. http://actformining.org/national-actions/miningtax/