We’re not taxed enough – our dear leader supports global tax

Apparently our dear comrade leader thinks that it’s not enough to “spread the wealth” here in the US. He wants to spread your wealth worldwide by supporting a “global tax” for the UN. Notwithstanding that the UN is one of the most corrupt and useless agencies in the world (more here), a global tax during a bad worldwide economy is sheer lunacy. (story here from Accuracy in Media)

In a classic case of misdirection, while the media are preoccupied with the fate of the Bush tax cuts, President Obama is preparing to attend a United Nations summit next week to endorse “innovative finance mechanisms”—global taxes—to drain even more wealth out of the U.S. economy.

A draft “outcome document” produced in advance of the September 20-22 U.N. Summit on the Millennium Development Goals (MDGs) commits the nations of the world to supporting “innovative financing mechanisms” to supplement foreign aid spending.

The term “innovative financing mechanisms” is a U.N. euphemism for global taxes. But the document actually goes further, praising the “Task Force on International Financial Transactions for Development” for its work on the subject of mobilizing additional “resources” for countries to achieve the MDGs. This is a body tasked with proposing and implementing global tax schemes.

“We consider,” the document says, “that innovative financing mechanisms can make a positive contribution in assisting developing countries to mobilize additional resources for financing for development on a voluntary basis. Such financing should supplement and not be a substitute for traditional sources of financing.”

In other words, the revenue from global taxes should be in addition to foreign aid spending.

I tried getting some figures on how much the US spends in foreign aid but I couldn’t find any reliable numbers. According to what I found, the US spends between $20B and $50B annually on foreign aid – not including military spending (mostly peace keeping efforts). This is in addition to roughly $130B in donations from individuals and organizations in the US. While the US spends the most in dollars, the spending versus GDP is relatively low. Well, if this proposal passes in congress, that will change substantially.

Obama has been a major U.N. supporter since he was in the Senate and sponsored a bill, the Global Poverty Act (S 2433), to force U.S. compliance with the MDGs. Joseph Biden, then chairman of the Senate Foreign Relations Committee, tried to get it passed into law but ultimately failed.

As President, Obama is in a position to actively promote global taxation measures and clearly has done so. The “outcome document” his administration has already endorsed will be formally approved at next week’s summit.

The document affirms the so-called “Monterrey Consensus” that committed nations to spending 0.7 percent of Gross National Product (GNP) on official development assistance (ODA), otherwise known as foreign aid. It says that “The fulfillment of all ODA commitments is crucial, including the commitments by many developed countries to achieve the target of 0.7 percent of gross national product (GNP) for ODA to developing countries by 2015…”

Over a 13-year period, from 2002, when the U.N.’s Financing for Development conference was held, to the target year of 2015, when the U.S. is expected to meet the Millennium Development Goals, this amounts to $845 billion from the U.S. alone, according to Jeffrey Sachs of the U.N.’s Millennium Project.

“We have fully embraced the Millennium Development Goals,” Obama told the U.N. in 2009.

Sounds like a great idea in an already depressed global economy. UGH…

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: