Obama Administration calls for 5% royalty on gross proceeds of mines

Great--now the Obama Administration is going after one of the last profitable industries left by levying a 5% tax on the gross proceeds (which is more painful than a tax on net profits) of mining companies.  Why don't they just tax all companies 100%, kill all job-creating enterprises, and just call it a day?

http://www.mineweb.com/mineweb/view/mineweb/en/page72068?oid=120691&sn=Detail&pid=72068

Guess what, geniuses?  This will only drive miners out of the US--or out of business.  Guess what that does to the price of the natural resource?  Folks, this country's productive capacity is toast.  Sell your SUV and learn how to ride a bike again.