Flash Point: The need for Vigilance

We believe that there is an increasing momentum in this direction. The adoption of the ill-considered Kyoto protocol shows how countries like Canada, particularly under Liberal or Socialist governments, can be lured into signing treaties that ultimately prove to be destructive and unwise. We reproduce in part and comment on Gary Halbert’s most recent Forecasts and Trends newsletter titled: Latest United Nations Push For Global Taxation. The highlights are:

• A 1% income tax on billionaires around the world (apprx. 1,600 total, 425 in the US);
• A tax on all financial transactions including stocks, bonds & derivatives;
• A tax on currency transactions in the US dollar, euro, yen & pound sterling;
• A carbon tax of $25 per ton of CO2 emitted by developed countries only;
• A carbon tax on all commercial airline flights from the US to Europe;
• A royalty on all oil & gas extracted from wells over 100 miles offshore; and
• A global tobacco tax with the proceeds going to the World Health Organization.

The danger in these proposed taxes is that they would appear to focus only on the wealthy (1, 2, 3 and 5), on large corporations (2, 3, 4 and 6) and unhealthy practices (4, 5, and 7). it is no coincidence that these are the favourite whipping boys of the latte liberals and socialists since it is these organizations that populate the UN bureaucracy. Closer consideration however reveals that the middle and lower classes will suffer disproportionately. A tax on financial transactions will affect savers and pensioners depending on investments through pension plans, stocks and personal saving vehicles. The carbon tax will affect all classes but hit the lower class hardest as it is passed on by industry. Holidays for all will become a bit more expensive. Increased royalties on energy simply get paid at the pump. And the largest smoking group is the lower class and the blue-collar worker. How the UN will finess countries into accepting the attendent loss of sovereignty remains an open question. The point is, they are about to try. This is not a topic we would normally wish to spend the cycles on exploring. As Gary notes, the reader may go to Google and type in “United Nations global taxation.” As usual, you’ll find plenty of information.