Obama Endorses Global Taxes on Eve of U.N. Summit

In a classic case of misdirection, while the media are preoccupied with the fate of the Bush tax cuts, President Obama is attending a United Nations summit today 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.

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