UN Seeks Tax on Billionaires

UN Seeks Tax on Billionaires

Yesterday the United Nations called for a tax on billionaires in order to help raise more than $400 billion a year for poor countries. The annual World Economic and Social Survey says cash that has been pledged is drying up so new sources need to be tapped. The report says there are 1,226 billionaires around the world, who are worth $4.6 trillion so a 1% tax would raise more than $46 billion.

Did this come from France? France’s new Socialist government has promised to tax salaries over $1.24 million at a 75% rate.

It doesn’t matter where it comes from; the idea that those who have money would entrust any of it to the UN is ludicrous, to say the least. Let’s review some of the recent examples of the UN’s financial responsibility:  

The Oil-for-Food Scandal: 10 U.N. agencies employed over 1,000 staff internationally and in New York plus 3,000 Iraqi nationals. The U.N. collected a 2.2 percent commission on every barrel of oil sold, and collected more than $1 billion. The banks holding the funds were secret: from 1996 to 2003, Russian companies received $7.3 billion and French firms earned $3.7 billion.

Wasting money in Sudan: The United Nations wasted tens of millions of dollars in its so-called peacekeeping missions by renting warehouses that were never used, booking hotel rooms that were never filled, and losing thousands of food rations to theft and spoilage.

The UN’s Carbon Offset Fund: Billions of pounds wasted in paying industries in developing countries to reduce climate change emissions because of abuse by chemical, wind, gas and hydro companies who are claiming emission reduction credits for projects that should not qualify.

You may have noticed that the last two examples were reported by faithful left-wing adherents Washington Post and The Guardian. When the strongest bastions of support for left-wing causes (and thus the America-hating UN) bash the UN for wasting billions of dollars, why in heaven’s name would any living person entrust them with making sure charity finds its proper recipients?

If the billionaires want to send funds to help developing countries, they should have the right to investigate which organizations would do it honestly, rather than have the hulking hand of the UN poised to steal their money and waste it. The UN is good for nothing of consequence. Unless you consider profligate spending a matter