The U.N. wants to use a “Financial Transaction Tax” (FIT) for the ostensible purpose of fighting poverty and provide relief to those who have lost their jobs because of European austerity measures.
The global body, whose widespread corruption and mismanagement are well-known, hopes to raise upwards of $400 billion annually .
As if the individual tax burden of every American is not enough, and with the federal government taking more and more and still failing to balance a budget, it would be fair to say the measure would be unpopular in the United States.
But the tax’s impact on America would be laughable to consider were it not for the fact Obama economic adviser Gene Sperling, who heads the White House National Economic Council, endorsed such a tax to ensure everyone is “paying their fair share.”
“We need a global minimum tax so that people have the assurance that nobody is escaping doing their fair share as part of a race to the bottom or having our tax code actually subsidized and facilitate people moving their funds to tax havens,” Sperling said last February.
According to special reporter on extreme poverty and human rights, Magdalena Sepulveda, “the opportunity should not be wasted; it would fill government deficit holes, but should be channeled to fighting poverty, reversing growing inequality, and compensating those whose lives have been devastated by the enduring global economic crisis.”
Sepulveda went a step further in declaring that governments need to play a “redistributive” role in not just the overall economy, but people’s lives.
“When the financial sector fails to pay its share, the rest of society must pick up the bill,” she said. “It is high-time that governments re-examine the basic redistributive role of taxation to ensure that wealthier individuals and the financial sector contribute their fair share of the tax burden.”