Recognizing the obvious — that taxes and regulations imposed by this government push American jobs overseas — House Speaker Nancy Pelosi wishes to tax the world.
U.S. Rep. Peter DeFazio (D-Ore.) has introduced legislation to levy a tax on all stock and related financial transactions, including futures contracts and options. The levy would start small, as they always do, at one quarter of one percent. As proposed, the levy would give Congress another $150 billion per year in spending money.
The problem, however, is that in the absence of a “global nation,” business takes flight from overly burdensome taxes and regulation. Even the Left has come to recognize that. Her solution, therefore, is to try to head business flight off by extending the tax abroad. ”I believe that the transaction tax still has a great deal of merit,” said Pelosi, but “the concern that many of us or others have had is that it will send…transactions overseas.” The remedy, therefore, is a global transactions tax, “something we would do in conjunction with other…nations.” That tax would have “really minimal impact on the transaction, but a tremendous impact on helping us meet our needs,” she said.
This, then, is the next round for Big Government politicians: Impose costly laws and regulations throughout the industralized world and then form a tax-and-regulate pact to hold business hostage.
All of these costs, and those to come from actions such as those by the Obama Administration’s Environmental Protection Agency to declare carbon dioxide from cars, power plants and other sources to be a pollutant dangerous to the health of Americans. What will follow is a costly series of regulations that energy producers, for example, will pass through to consumers. This Administration and this Congress, therefore, will tax directly and tax indirectly. Rich or not, you’ll pay.
Frankly, if I owned a business, I’d not hire and take no significant risk until I knew how far this Administration and Congress intend to go to make American business the tax collector for the statists in Washington.
As Barack Obama picks up his Nobel Peace Prize, he’ll have to point out that what he’s achieved for world peace, he’ll soon achieve for the world economy, too.