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Economy
Report: Obama, UN to tax US for Green Climate Fund
2011-12-06
President Obama's team of negotiators at the United Nations Climate Change Conference may agree to a tax on foreign currency transactions, designed to pay for a "Green Climate Fund," that would fall disproportionately on American travellers and businesses, according to a group attending the conference that is skeptical of the UN position on global warming.
Recall how Wall Street, at least part of it, continues to fork over campaign contributions to Bambi? That will come to a complete halt if he even proposes this to the Congress.
Negotiators at the conference are considering "a new tax on every foreign currency transaction in the world," according to the Committee for a Constructive Tomorrow (CFACT). "Every time you travel abroad, you'll have to pay a climate tax," explains CFACT, the group that released the "Climategate" emails. "More importantly, every time we import goods, every time we export our fine products (think jobs) we will do so with a climate tax skimming off the top."

European countries would evade much of the tax burden, however, because "transactions within the Eurozone won't have to pay this new tax."
Simply amazing how that works out...
it sppears that transactions within the U.S. won't be subject to the tax, either, but only those that go beyond national borders. The Eurozone treatment is simply anticipating the future United States of Europe.
CFACT suggests that Obama is open to implementing this tax and similar policies in the absence of a full climate treaty, which would require congressional approval.
How's he going to implement a tax without congressional approval?
Posted by:

#12  Of course the tax will be passed onto the sheeple. It will also make exchanges more volatile, which is good for insiders.

Tobin tax is the worst possible tax in the entire arsenal.
Posted by: Bright Pebbles   2011-12-06 13:01  

#11  all of this for phony science.
Posted by: newc   2011-12-06 10:58  

#10  2/3 of the Senate must ratify such a treaty. I doubt that the American people would stand for this--it would be an election game changer and not in favor of Bambi. It would cost taxpayers a fortune in bad times.
Posted by: JohnQC   2011-12-06 10:20  

#9  He's trying to be crafty, by creating an "external" tax that only applies to Americans after they leave the US. If you carry an American passport, you have to pay more than any other traveler, collected by other countries, *for* the UN.

As such, it's not a US tax.
Posted by: Anonymoose   2011-12-06 09:57  

#8  Trying to impose taxes without the consent of the representative governmental body didn't end well for Charles I. Since then in the Anglo world, leaders have made an effort to at least engage in the rituals of seeking approval [though sometimes not quite as successful as they thought it would be, 1776].
Posted by: Procopius2k   2011-12-06 09:47  

#7  IMO, together they'll find a way to pass the costs to you---as long as there are sheep to shear, crony capitalism works.
Posted by: g(r)omgoru   2011-12-06 08:11  

#6  He'll do it indirectly.

Give the U.N. x00 Billions of Dollars of Taxpayer money. Deficit.

Go to Congress and tell them that they have to raise taxes to pay off the Debt.
Posted by: CrazyFool   2011-12-06 08:09  

#5  Somebody here doesn't understand how crony capitalism works.

Oh I do, and that's exactly why Bambi is toast if he does this -- he'll be messing with the one group of people who thought they'd paid their protection money.

Remember the Chicago way: once bought, you're supposed to stay bought.
Posted by: Steve White   2011-12-06 08:01  

#4  How's he going to implement a tax without congressional approval?
Simple, he'll just do it by executive order. Yeah, I know the Constitution says that all tax measures have to come from Congress (the House, in fact), but so what? All treaties have to be ratified by the Senate, but he can ignore that too.
Posted by: Rambler in Virginia   2011-12-06 07:43  

#3  He's toast if he were to try anything like this. He might give it a go if he thought he was a lame duck, but he obviously doesn't think so.
Posted by: gorb   2011-12-06 05:36  

#2  That will come to a complete halt if he even proposes this to the Congress.

Somebody here doesn't understand how crony capitalism works.
Posted by: g(r)omgoru   2011-12-06 02:14  

#1  Recall how Wall Street, at least part of it, continues to fork over campaign contributions to Bambi?

Hah! Democratic Party aligned Wall Street will underwrite highly leveraged derivatives with this and cause the next Great Collapse.
Posted by: Eohippus Phater7165   2011-12-06 02:01  

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