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UN Wants To Be a Global IRS? Minimize
 

June 22, 2006

TheSovereign Society Offshore A-Letter

 

Thursday June 22, 2006 Vol. 8 No. 123
In Today's Letter: Comment: A Global IRS?
Offshore: A Peek at the Isle of Man
Wealth: Vietnam: the New Investment Hotspot
Privacy & Rights: What Will Replace Your SS#? 
The UN Wants To Be a Global IRS?

Dear A-Letter Reader:

Over 60 years since its founding, the United Nations may have, on balance, done some good. But objective observers would be hard pressed to create a short list of major UN accomplishments. Most recently the UN has been mired in the Iraq oil-for-food corruption scandals, with millions of dollars stolen reaching to the highest levels of the UN.

Instead of cleaning up, the UN has tried to cover up.

Too often the UN, spending millions on its own bureaucracy and its endless meetings and reports, has been a waste of time and money. And most of that cash comes from American taxpayers. So you shouldn't be surprised, (especially because we've been warning you since 2002), that the UN wants to become an international tax collection agency - a global IRS.

Those worthies at Babel on the Hudson want to impose on the already burdened taxpayers of the world, a new round of direct "global taxes" to finance the UN and its pet programs. This tax would supplement annual assessments of dues from each nation. In 2002, we reported about a UN conference held in Monterey, Mexico, that we called "the tax collectors meeting from Hell" where the UN made plans for a UN "international tax organization."

U.S. Rep. Ron Paul (R-TX) has renewed our warning about this dangerous UN plan. He advises us to "hold on to your wallets, because the UN now wants to impose a whole new level of global taxes on us. UN bureaucrats think rich nations like America ought to give more money to poor nations - a lot more - simply because we're rich. The UN mindset blames the western world for poverty everywhere, assuming that our relative wealth must have come at the expense of the third world."

Kofi Annan, UN Secretary General, is the cheerleader for this biggest power grab yet - independent tax raising powers. The UN is deeply committed to establishing this "sovereign" power for itself, without scrutiny and direction of its large aid donors (namely the U.S.). It wraps this up in what one writer calls the "boring globo-speak of 'enhanced dialogues on tax co-operation' and 'new innovative funding mechanisms.'"
The UN wants to tax everything from airline tickets to aviation fuel and carbon emissions. Not to mention each and every international currency transaction.

The last time this came up for debate in the UN, the Bush administration position was made clear by U.S. Agriculture Secretary Ann Veneman who said: "Global taxes are inherently undemocratic. Implementation is impossible." The U.S. also refused to sign or agree to a UN declaration endorsing global UN taxes.

Rep. Paul says: "Rest assured that the UN is absolutely serious about imposing a global tax. In fact, it has been discussing a global currency tax for years." As a precaution, the U.S. House of Representatives last week adopted Rep. Paul's amendment that prohibits the U.S. Treasury from paying UN dues if the UN attempts to implement or impose any kind of tax on U.S. citizens. As Ron Paul says: "Given the stated goals of the UN, it would be foolish to believe the idea of a global tax will go away."

The UN is just one of the global bureaucracies undermining fiscal sovereignty. The Paris based Organization for Economic Cooperation and Development (OECD) targets tax havens and so-called "harmful tax competition" and the European Union enthusiastically backs "tax harmonization." In both cases they want more and higher taxes.

As Heritage Foundation tax expert Dan Mitchell says: "There is an understandable temptation to dismiss these UN proposals as silly. After all, the U.S. can veto any bad initiatives. But this passive approach is a mistake."  We agree. You should educate yourself thoroughly about these dangerous proposals and let your elected national officials know your strong opposition.

It's bad enough to be forced to pay high taxes in one's own nation without also having to finance the worldwide loony Left as well.

That's the way that it looks from here.
BOB BAUMAN, Editor

EDITOR'S NOTE: There are still places that have fair and sensible low tax and financial privacy policies. I have written special reports on two such places in Panama Money Secrets and Hong Kong Money Secrets. For more information, check out the Sovereign Society Book Store

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Offshore

A Closer Look at the Isle of Man

>For insurance, insurance and more insurance, the Isle of Man is definitely a great offshore center to visit. This small island located in the center of the British Isles, in the Irish Sea, boasts approximately 19 insurance companies, 25 insurance managers and more than 177 captive insurance companies. The Isle of Man is technically linked to the British crown as a dependent territory, but this island remains a self-governing jurisdiction, rather than being under the thumb of the British Parliament. The Isle of Man has its own Parliament, known as "Tynwald," which has labored to create a strong fiscal environment specifically to encourage Isle of Man's financial services. For more information on the Isle of Man, click here.  

Wealth/Investments

 Vietnam: The New Investment Dragon

Until the correction arrived in emerging markets, Vietnam was even hotter than India. Since January, the Vietnam Stock Exchange has surged more than 60% while Mumbai is up just 5% following an exodus of capital since mid-May. Demand for Vietnamese stocks is so high that the country's stock market can't handle the influx of foreign capital. Some argue the market is overheated. Investment companies and analysts specializing in Vietnamese securities are now advising investors to buy selected global companies with significant interests in Vietnam as an alternative to direct investments. Earlier this year, the U.S. agreed on a trade deal that opens the way for Hanoi to enter the World Trade Organization. This deal will further open the Vietnamese economy, which already expanded 8.4% in 2005 and is expected to grow more than 8% in 2006. But investors should tread carefully in Hanoi. The bourse comprises just 36 stocks with a combined market-capitalization of just $1.8 billion dollars.

ERIC ROSEMAN, Investment Director
on behalf of The Sovereign Society 

Privacy&Rights

 Are Social Security Numbers Becoming Obsolete?

It seems revealing your social security number, once thought to be a secretive "secure" form of identification, is now rather commonplace. If you don't agree, think of how fast you can ramble off your social security number upon request. It probably takes about 4 to 5 seconds, depending on how often you have to use it for identification purposes (like when applying for a job, acquiring a new driver's license, buying a car, paying your taxes, setting up a bank account, etc. etc. etc.).

With identity thieves snatching more and more Social Security numbers from so-called "secure" databases, it's possible another form of identification will one day replace SS#s. According to Government Technology Magazine, there are several SS# replacement options, including "Smart Cards" and biometrics. Smart Cards would resemble debit cards, but would include a chip with your personal information that can only be read by special scanners (either within a certain range of the scanners, or an ATM style card that could be inserted in a card reader). The other option is biometrics, which would make your fingerprint, iris scan or your facial image as your main form of identification. None of these options sound very private or safe, but then again neither is having your SS# on digital file is many computer databases. You can help protect yourself when only giving out your SS# when is absolutely necessary, such as when you pay your taxes. For a further resource on this subject, click here

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