As one global-warming tax fades, another rises
The world's leftists dream of the day when they might erect an international taxation system. Such would be the bottomless well from which they could exploit the world's productive energies to bankroll utopian schemes and build bigger, better and, most important, higher-paying global bureaucracies. Steps were taken last week to make this dream a reality.
At the Group of 20 meeting in South Korea, a coalition of 183 organizations from 42 countries called for a tax on financial transactions to raise funds to offset the impact of the global economic crisis. The so-called Robin Hood Tax would underwrite a number of programs with the purported aim of "reducing the unacceptably high rate of job loss, and achieve key development, health, education and climate change objectives in developing countries." How this miracle would be achieved is unclear. Taking money from productive enterprise and sinking it into bloated government programs is an unlikely recipe for success. Nonetheless, proponents of the Robin Hood Tax are convinced that government austerity drives, such as the one under way in Britain, are more of a threat to the disadvantaged than looming worldwide insolvency.