Global Tax Backed by Obama and Progressives – Updated with Video
ByHere’s a story the main stream media isn’t going to tell you about. While they were hailing the violent protesters at the G20 summit in Pittsburgh, President Obama was working with world leaders to impose a global tax on American investors.
Via Free Republic, Accuracy in Media reports:
While policymakers debate a few million dollars for ACORN and a few hundred billion dollars more for health care reform, those committed to one-world government are moving ahead with plans for a global tax that could extract trillions of dollars out of Americans’ already depleted IRAs and stock holdings.
One can’t exclude the possibility of such a tax being slipped into a health care or cap-and-trade bill that the Congress or the public could not have time to read before passage.
Bob Davis of the Wall Street Journal deserves a journalism prize for taking the time to read the recent communiqué issued by the G-20 countries meeting in Pittsburgh. He found they had assigned the International Monetary Fund (IMF) the job of studying how to implement a global tax on America and the rest of the world.
“The IMF assignment from the G-20 has been widely overlooked,” Davis noted. His article ran under the headline, “IMF Mulls Global Bank Tax.”
The “Leader’s Statement” endorsed by President Obama and released at the event declares on page 10 that “We task the IMF to prepare a report for our next meeting with regard to the range of options countries have adopted or are considering as to how the financial sector could make a fair and substantial contribution toward paying for any burdens associated with government interventions to repair the banking system.”
The term “fair and substantial contribution” is code for a global tax. Other misleading terms for global taxes include “innovative sources of finance” and “Solidarity Levies.”
While the global tax would affect the savings of ordinary Americans and be passed on to consumers, it is being packaged by the international left and its progressive allies in the U.S. as an assault on Wall Street and the big banks.
One proposal, popular at the United Nations for decades and long-advocated by Fidel Castro, is the Tobin Tax, named after Yale University economist James Tobin. Such a tax, which could affect stocks, mutual funds, and pensions, could generate hundreds of billions of dollars a year. Indeed, Steven Solomon, a former staff reporter at Forbes, says in his book, The Confidence Game, that such a proposal “might net some $13 trillion a year…” because it is based on taking a percentage of money from the trillions of dollars exchanged daily in global financial markets.
Such transactions are commonplace on behalf of Americans who have stock in mutual funds or companies that invest or operate overseas.
Meanwhile, President Obama used his recent speech to the United Nations to declare, “We have fully embraced the Millennium Development Goals.” He left unsaid what this means. It has been calculated that this will cost the U.S. $845 billion to meet U.N. demands for a certain percentage of Gross National Product to go for official foreign aid to the rest of the world. Compliance with the Millennium Development Goals (MDGs) was incorporated into the Global Poverty Act that Obama had introduced as a U.S. senator but which never passed.
A global tax of the kind envisioned in the G-20 document could help provide the revenue to fulfill Obama’s promise to comply with the MDGs.
One of the leading cheerleaders for the global tax is economist Joseph Stiglitz, an Obama supporter and former Clinton official who has been working with the Socialist International Commission on Global Financial Issues. We analyzed his key behind-the-scenes role in the June United Nations Conference on the World Financial and Economic Crisis. He was selected as a U.N. adviser by the then-president of the U.N. General Assembly, Communist Catholic Priest Miguel D’Escoto. ….
Another proponent of the Tobin Tax is Fidel Castro. I know, what a shock. He sees it as a way for the UN to extract trillions from the American economy to redistribute to the rest of the world.
So Obama is on board for a global tax on Americans. The same global tax advocated by Fidel Castro. And we’re not supposed to believe Obama’s a socialist?
Update: In the video below Dick Morris explains how Barack Obama is ceding US independence to the International Monetary Fund.
http://www.breitbart.tv/rep-bachman-federal-funding-of-acorn-is-set-to-resume-at-months-end/
Popularity: 2% [?]
[...] as are needed to keep al-Qaida at bay, a senior administration official said Thursday. Global Tax Backed by Obama and Progressives – lonelyconservative.com 10/08/2009 Here’s a story the main stream media isn’t going to [...]
And he wants to kiss and make up with the Taliban–http://www.foxnews.com/politics/2009/10/08/obama-war-council-focuses-al-qaeda/ ————-what does it take to get a man removed from office?