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A New World Tax Regime
The New American
To anyone who even casually monitors international agencies — such as the UN, the OECD, and the IMF — it will come as no surprise that those agencies have long wanted stable sources of funding that they could count on, rather than relying on handouts from governments around the world. But it would likely come as a surprise to most that we will likely see the initial operation of a world tax regime to fund international entities by 2015.
The Organization for Economic Cooperation and Development (OECD) — a 34-member (presently) international economic organization that works to influence world financial operations — openly announced plans to advance the longtime socialist-backed dream of a planetary taxation regime. The plans call for legitimate governments and dictatorships worldwide to share all private financial data on citizens. It is all openly inspired by, and modeled on, Obama’s Foreign Account Tax Compliance Act (FATCA) aimed at coercing banks and governments around the world into reporting all accounts and assets held by “U.S. persons” to the IRS. (Click here to see related FATCA article.) And that, experts say, in conjunction with other related machinations, such as an emerging plan to force businesses to pay equally high corporate taxes in all jurisdictions of the world rather than setting up shop in lower-tax nations, will lay the foundation upon which to build a “World Tax Organization.”
In mid-February, in fact, the OECD officially unveiled its plan informally called GATCA (Global Account Tax Compliance Act) by analysts. Calling its ploy to put the final nail in the coffin for financial privacy “game changing,” the tax-funded OECD said it would require governments to collect massive amounts of sensitive personal information on individuals from banks and other financial institutions in their jurisdictions. “The reality will be that for the automatic exchange of information rules should cover what kind of information is to be exchanged, how often, who should collect the information, to whom it should be sent, and in what format,” claimed Pascal Saint-Amans, director of the OECD Centre for Tax Policy and Administration, speaking as if the plot were already a done deal.
Once gathered, the vast troves of private data would be automatically exchanged between all participating governments and dictatorships. “You collect the data, you put it in the pipe and it goes to the other party,” said Saint-Amans, who, as could probably be expected, pays no taxes on his bloated tax-funded salary.
Autocrats “R” Us
Over 40 governments, which the Paris-based OECD misleadingly refers to as “countries,” have already committed to the controversial scheme. In a “joint statement,” participating governments celebrated the planetary plot, implying that it was only being instituted to catch tax cheats. “Tax evasion is a global problem and requires a global solution,” said representatives from dozens of governments, including more than a few run by self-described socialists. “We therefore strongly support the development of the single global standard for automatic exchange of information between tax authorities.”
Also, sounding suspiciously like a threat, the participating governments claimed that only countries with rulers who submit to the draconian new regime will be able to “prosper in the future.” In other words, join the emerging global tax regime and violate the privacy rights of everyone, or suffer financial penalties. “We call on other countries and jurisdictions to commit to join this initiative at the earliest opportunity with the aim of rapidly creating a truly global system of automatic information exchange,” the governments continued in their joint statement.
