Can't Keep Bad Legislation Down
Wednesday, July 25, 2007 - FreeMarketNews.com
Bad legislation, not unlike the Freddie Kruger character in the movie Friday the 13th, seems willing to "rise from the dead" time after time. Doug Hornig, writing in What We Now Know states:"Also resurrected was the so-called "Tobin Tax," named for the Nobel Laureate Yale economist who thought it up in 1978. It was originally proposed as a painless and essentially transparent tax that would be levied only on international currency transactions. Since the world currency market does close to $2 trillion in business each day, a tax of between a tenth and a quarter of a percent would yield some big bucks indeed. "Okay, most people don't speculate in currencies, so why isn't this a good idea? For one man’s answer, we turn to old friend Congressman Ron Paul, a/k/a the only voice in Washington worth listening to. To Paul, it's a matter of precedent."He calls it dangerous precisely because few would notice. It would quietly create a "politically acceptable starting point." And thus, he says, a "dangerous precedent would be set . . . the idea that the UN possesses legitimate taxing authority to fund its operations.""That's the crux of the matter. Do we or do we not want to cede powers of taxation to the United Nations that override national considerations? Or to put it another way, do we want to acquiesce in the transfer of $7 trillion (the UNDP’s target figure) to other countries who can use (or likely, misuse) the money as they see fit?"Congressman Paul, for one, says no, and is acting on that belief. He has "introduced H.R. 1017 in the current Congress which would permanently prohibit United States contributions to the United Nations if that organization develops, implements, or publicizes any proposal to tax Americans."Ty Andros writes:"Public Servants always and every time have become Public Serpents, robbing their constituents to further their personal ambitions and collection of power and wealth." Staff Reports - Free-Market News Network
Bad legislation, not unlike the Freddie Kruger character in the movie Friday the 13th, seems willing to "rise from the dead" time after time. Doug Hornig, writing in What We Now Know states:"Also resurrected was the so-called "Tobin Tax," named for the Nobel Laureate Yale economist who thought it up in 1978. It was originally proposed as a painless and essentially transparent tax that would be levied only on international currency transactions. Since the world currency market does close to $2 trillion in business each day, a tax of between a tenth and a quarter of a percent would yield some big bucks indeed. "Okay, most people don't speculate in currencies, so why isn't this a good idea? For one man’s answer, we turn to old friend Congressman Ron Paul, a/k/a the only voice in Washington worth listening to. To Paul, it's a matter of precedent."He calls it dangerous precisely because few would notice. It would quietly create a "politically acceptable starting point." And thus, he says, a "dangerous precedent would be set . . . the idea that the UN possesses legitimate taxing authority to fund its operations.""That's the crux of the matter. Do we or do we not want to cede powers of taxation to the United Nations that override national considerations? Or to put it another way, do we want to acquiesce in the transfer of $7 trillion (the UNDP’s target figure) to other countries who can use (or likely, misuse) the money as they see fit?"Congressman Paul, for one, says no, and is acting on that belief. He has "introduced H.R. 1017 in the current Congress which would permanently prohibit United States contributions to the United Nations if that organization develops, implements, or publicizes any proposal to tax Americans."Ty Andros writes:"Public Servants always and every time have become Public Serpents, robbing their constituents to further their personal ambitions and collection of power and wealth." Staff Reports - Free-Market News Network
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