“Spearheaded by European Union countries, the so-called “innovative financing” proposal envisages a tax of 0.005 percent (five cents per $1,000), which experts estimate could produce more than $30 billion a year worldwide for priority causes,” reports CNS News.
As Ira Stoll, editor of FutureCapitalism.com, points out, new taxes always start off small so as to not be resisted by the people forced to pay them, and are then always gradually increased.
“When people suggest taxes, they always start out ‘small,” said Stoll.
“But once the door is opened to the idea of ‘global taxes,’ you can bet they won’t end small. Never mind all the issues about whether development aid actually helps poor countries or just winds up empowering corrupt local dictators and their cronies".'
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