U.N. mulls global taxes…
A 1 percent tax on billionaires around the world. A tax on all currency trading in the U.S. dollar, the euro, the Japanese yen and the British pound sterling. Another “tiny” tax on all financial transactions, including stock and bond trading, and trading in financial derivatives. New taxes on carbon emissions and on airline tickets. A royalty on all undersea mineral resources extracted more than 100 miles offshore of any nation’s territory.
The United Nations is at it again: finding new and “innovative” ways to create global taxes that would transfer hundreds of billions, and even trillions, of dollars from the rich nations of the world — especially the U.S. — to poorer ones, in line with U.N.-directed economic, social and environmental development.
These latest global tax proposals have received various forms of endorsement at U.N. meetings over the spring and summer, and will be entered into the record during the 67th U.N. General Assembly session, which began this week. The agenda for the entire session, lasting through December, is scheduled to be finalized on Friday.
How to convince developed countries wracked by economic recession and spiraling levels of government debt – especially the U.S. — is another issue, which the world organization may well end up trying to finesse.
As the U.N. itself notes, in a major report on the taxation topic titled, “In Search of New Development Finance” — the main topic at a high-level international meeting of the U.N.’s Economic and Social Council (ECOSOC) this summer — “These proposals are subject to political controversy. For instance, many countries are not willing to support international forms of taxation, as these are said to undermine national sovereignty.”