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OWS will be furious with CNN over this: Global Public Square (GPS) host Fareed Zakaria did a segment on tax reform Sunday in which he argued for a simpler, less progressive tax system. Yes, you heard that right: a CNN host reported that the US tax system is already more progressive than most European nations, i.e. weighing more heavily upon the richest ten percent. A better system, Zakaria argued, would be one in which less of the financial burden was placed on the top 10% and more on the other 90%.
The United Nations wants a world tax imposed on all financial transactions to fund a global model of social services that will provide “needy people” with a basic income, free healthcare, education and housing.
The drive is part of the UN’s mission to create a “social protection floor” under the auspices of the Commission on Social Development, which began this week in New York. The SPF will become the UN’s primary focus from 2015 onwards when the Millennium Development Goals project concludes.
“The money to fund these services may come from a new world tax,” reports the Deseret News, quoting Jens Wandel, Deputy Director of the United Nations Development Program, who said that a long term funding plan for the project would center around “a minimal financial transaction tax (of .005 percent). This will create $40 billion in revenue.”
Mitt Romney told the Wall Street Journal editorial board that philosophically speaking, a VAT might work as a replacement for some part of the tax code, “particularly at the corporate level.”
