Obama proposal to reduce poverty around the world by imposing a tax of 0.7% of the U.S. gross national product is part of his plans of shared sacrifice and shared prosperity to the tune of $850 billion of taxpayers money.
Obama's Global Poverty Act
Obama's Global Poverty Act requires "required the President to develop and implement a comprehensive strategy to further the United States foreign policy objective of promoting the reduction of global poverty, the elimination of extreme global poverty, and the achievement of the U.N. Millennium Development Goal of by reducing by one-half the proportion of people worldwide...who live on less than $1 per day.
An analysis of the Act would commit the United States to the U.N. declared goal that industrialized countries should spend 0.7 percent a year of their gross domestic product on foreign aid. Over the next decade or so, that would work out to $850 billion dollars for American taxpayers.
Obama Global Wealth Distribution Plan
The "Millennium Development Goal, according to the Investor's Business Daily (02/28/08) refers to a United Nations declaration adopted by the U.N. Millennium Assembly and Summit in 2000 that calls for "eradication of poverty" by "redistribution (of) wealth and land," cancellation of "the debts of developing countries" and "a fair distribution of the earth's resources.
The IBD reports that "The Millennium project is monitored by Jeffrey D. Sachs, a Columbia university economist. He presented the then-U.N. secretary general Kofi Annan with a 3,000-page report in which he criticized the U.S. for giving only $16.5 billion a year in global anti-poverty aid. Sachs argued that we should spend an additional a year in order to reach the 0.7 percent target that the U.S. set for the U.S. He said that the only way to force the U.S. to commit that much money is by a global tax, such as a tax on fossil fuels (oil, coal, natural gas)." The tax would be imposed not only on their production, but on their use, as well.
In a speech on February 19, 2008 in Wisconsin, Obama said "In the end, this economic agenda won't just require new money. It will require a new spirit of cooperation and innovation on behalf of the American people. We will have to learn more, and study more, and work harder. We will be called upon to take part in a shared sacrifice and shared prosperity."
What this means that in addition to the additional taxes on those making over $250,000 a year, and eliminating the $102,000 wage cap on Social Security taxes, Obama is also proposing that Americans pay additional taxes on oil, coal and natural gas in order to redistribute their wealth to the rest of the world.
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