29 April 2024
Watch Out for a Global Wealth Tax
The Wall Street Journal says Watch Out for a Global Wealth Tax
As the ruling elites kleptosocialist agenda advances, the demand to tax and redistribute income is becoming irresistible as governments, agencies of state, business and the media fall to the glamor* of woke ideology. Details of the latest scam arrives in a proposal by four
countries in the G-20 group of nations to impose a 2% wealth tax on the
world’s billionaires.
WSJ writes:
“The tax could be designed as a minimum levy equivalent to 2% of the wealth of the super-rich,” write economic ministers of Germany, Spain, Brazil and South Africa in the Guardian.
They say the levy would raise about $250 billion a year from some 3,000 billionaires and “would boost social justice and increase trust in the effectiveness of fiscal redistribution.” The countries plan to float this at the next G-20 meeting in June.Presumably, the plan is to have the G-20 endorse the idea, including President Biden and Treasury Secretary Janet Yellen. Then negotiate a global tax deal that would wait until Democrats control all of the U.S. government to approve it, even if that takes many years."
That’s more or less what Ms. Yellen has done with her global minimum tax on corporations, and the four ministers are candid in saying the G20 proposal is their model. The wealth tax “is a necessary third pillar that complements the negotiations on the taxation of the digital economy and on a minimum corporate tax of 15% for multinationals,” the ministers write.
Ms. Yellen went along with the ideas of 2% and fiscal redistribution, though they would subject American companies and wealthy individuals to foreign tax raids of the kind to which the U.S. government has always been opposed. An architect of the wealth tax idea is French socialist Gabriel Zucman, currently employed as a professor of economics and public policy by the University of California (say no more,) who was also behind Yellen’s failed global minimum tax scheme.
This idea could cause economic turmoil if G20 governments try to implement it, as there will be an exodus of money to places like Dubai, Singapore, The Cayman Islands and Lichtenstein. Schemes like this are doomed from the start, recall the notorious Robing Hood Tax proposed around 15 years ago which planned to levy a half of one per cent tax on ALL financial transactions.
When I wrote that such a tax could not possibly work, lefties could not wait to pile into the thread accusing me of hating the poor and accusing me of being a Scrooge like figure if I begrudged 50 pence tax when I spend £100. I was very happy to expose their ignorance by telling them that no, I would not miss a few pennies tax on my financial transactions, but corporate and inter - bank transactions in the financial markets work not on percentage points but Basis Points (bips), a Basis Point being one hundredth of one per cent, and the profit margins involved are often less than half a percentage point.
Once a global wealth tax is in place, you can be sure that billionaires won’t be the last target, although the suggestion that billionaires will fund a redistribution of wealth to the world's poor is clearly bollocks. Billionaires have their wealth tied up in networks of offshore shell companies and trusts that are so opaque the tax agencies can never unlock them.
However the Biden Administration is a Pythonesque circus of far left globalists who are always happy to cede more sovereign power to multilateral
institutions while hiding their own business affairs on tax havens. President Biden is campaigning on a wealth tax of his
own that would impose the highest tax rates on Americans since before
the Reagan tax reform. For this crowd, talk of taxing American billionaires to redistribute income around the world is just the usual empty rhetoric, designed to secure the working class vote with promises of jam tomorrow, a phrase which, appropriately perhaps, comes from Lewis Carroll's story, Alice In Wonderland.
As is so often the case, the US Constitution is the main obstacle to this globalist scam Letting the G-20 set US tax rates would be unconstitutional, but since when did The Biden Administration give a damn about the constitution, the law or the inalienable human rights set out in the Geneva Convention?
Besides, if Democrats get control of the Senate, House and White House they may try to pack the courts with activist judges again, as happened in the Clinton and Obama presidencies. For the sake of balance the Republicans did the same in the Bush 2 era.
READ MORE in this US Treasury PDF, "General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals" but be warned, its about 250 pages without any jokes or cartoons. (OK, I admit I only read a summary in the Financial Times.)
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