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  • Latest United Nations Push For Global Taxation

    The United Nations recently formalized a broad set of global taxes and penalties that it wants to impose on developed nations in the Northern Hemisphere, and especially the US. The UN wants to raise some $400 billion annually to send to lesser developed nations in the Third World. And the kleptocrats at the UN want to implement these huge new taxes by the end of this year while President Obama is sure to be in office.

    These new taxes include a 1% income tax on all billionaires worldwide, a tax on all financial transactions (stocks, bonds, etc.), a tax on currency transactions, a carbon tax on developed nations, a tax on commercial airline flights from the US to Europe, a tax on oil and gas extracted offshore, a global tobacco tax, etc. Oh, and one more: control of the Internet.

    Since the UN does not have the legal authority to impose these taxes, it will attempt to structure these new taxes as "treaties" with member nations. US treaties are signed by the President and ratified by the Senate. The House of Representatives has no say when it comes to treaties. The question is, would President Obama sign such a treaty? And would the Senate ratify it? I would like to say no.

    You need to read the information I have included (and documented) in today's E-Letter carefully and consider it seriously before the election on November 6. We cannot allow our country to be subjected to UN defacto control vis-a-vis these onerous taxes. Above all, we cannot allow the UN to control the Internet. There is a choice in the upcoming election, and we need to speak loudly!

  • Cut a Check, Mr. Buffett

    Last week, Warren Buffett again came out in favor of higher taxes for the rich like himself. The next day, President Obama echoed Buffett's comments, proving that they were no more than a carefully orchestrated piece of political rhetoric. Even so, Buffett's article is a good starting point for a discussion of why some people pay higher rates of taxes than those who are rich.

    This week, I'm going to dissect Buffett's statements about his own tax rates and those of his staff. I'll also review the various categories of income that qualify for preferential tax treatment and why they are set up that way. In the end, you'll find that special tax treatment is often associated with activities that provide capital for economic growth as well as the requirement to take the risk of losing all of your money.

    I'll end up by showing a way that individuals, including Mr. Buffett, can make voluntary contributions toward reduction of the national debt without the unnecessary step of raising taxes. If Mr. Buffett feels strongly that he should pay more for government, he can just send them a check. Unfortunately, the real issue isn't that taxes on the rich have become too small, but that the government's appetite for tax revenue has grown too big.