The administration is figuring out a new way to screw us extralegally:
Negotiators at the conference are considering “a new tax on every foreign currency transaction in the world,” according to the Center for a Constructive Alternative (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.”
CFACT suggests that Obama is open [sic] implementing this tax and similar policies in the absence of a full climate treaty, which would require congressional approval. “We have learned that while many have discounted this conference, knowing that a full climate treaty is difficult to achieve especially with a U.S. Senate that will not vote to ratify,” CFACT says. “Obama and his fellow climate travelers are working around the Senate and planning to stick America with the bill.”
OK, I have no doubt that they’d like to do it, but how would it work without getting a treaty through the Senate? How would they actually enforce it, and what would happen when a bank or an individual got a judge to issue an injunction against it?
Maybe he thinks passing a Tobin tax would be easier because many people believe – or claim to believe – it would be a good thing? He could then propose to put that money into a “green” fund. If it isn’t done by treaty, it doesn’t need a two thirds majority in the US Senate, but simple majorities in bouth House and Senate. It could also be undone by a simple majority in both Houses, unless a president is willing to use his veto.
Tobin tax:
Tobin saw two solutions to this issue. The first was to move “toward a common currency, common monetary and fiscal policy, and economic integration.” The second was to move “toward greater financial segmentation between nations or currency areas, permitting their central banks and governments greater autonomy in policies tailored to their specific economic institutions and objectives.” Tobin’s preferred solution was the former one but he did not see this as politically viable so he advocated for the latter approach: “I therefore regretfully recommend the second, and my proposal is to throw some sand in the wheels of our excessively efficient international money markets.”
Europe’s move toward a common currency, common monetary and fiscal policy, and economic integration has worked out beautifully, wouldn’t you say? And certainly our international money markets could use some inefficiency. Where did he come up with this?
In the development of his idea, Tobin was influenced by the earlier work of John Maynard Keynes on general financial transaction taxes.
Ah. The only thing I see that it lacks is something to spend the income on. A green fund. Perfect.
Where did he come up with this?
I imagine he was able to sit easier after obtaining these ideas. And a UN “green fund”, given their renown integrity and competence, is going to be so much fun. At least, if you know the right sugar daddy.
I doubt anything will come of it before election day. But I do wonder what sort of games will go on when Obama loses the election and decides to get some payback on the US voters.
He would never get a majority in the House for it. And he’d need sixty votes in the Senate.
He would never get a majority in the House for it.
For the Tobin tax or the green fund? Or both? I think more people are in favour of a Tobin tax than in favour of a green fund.
For a Tobin tax that funds a green fund.
It’s even weirder. I thought only the House could legislate new taxes. So a treaty goes through the Senate to raise taxes but then has to be approved by the House somehow (and can be repealed by the House)?