by Martin Armstrong, Armstrong Economics:
Finance ministers from France and Brazil are urging the G20 to implement a minimum 2% tax on billionaires in an effort to fight climate change and poverty. Everyone cheers when the suggestion is to tax someone else, but feigns shock when the rules expand and everyone experiences rising taxation. Global collaborative efforts such as war go against the very problems government agencies claim to combatting. They are deliberately increasing the price of living while simultaneously increasing our taxes.
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Brazil’s Fernando Haddad and France’s Bruno Le Maire believe that billionaires should see their wealth decline by 2% (at minimum) every year. “In a world where economic activities are increasingly transnational, we have to find new and creative ways to tax these activities [and] thus direct the revenues to common global endeavours such as ending hunger and poverty and fighting climate change,” said Haddad. Le Marie spoke of GLOBAL TAXATION efforts as “a matter of efficiency and a matter of justice.” “Everybody has to pay his fair share of taxation,” he added. Longtime career politician Bernie Sanders of the US is also in full support of the proposal.
Tune in to what they are actually saying. A collective global entity would like to collect funds from citizens of individual nations through taxation. This far surpasses taxation without representation as they are discussing eliminating personal wealth, for then those within the one world order can spend their looted funds as they see fit. And they certainly will spend it as we have seen time and time again. Government spending is the main problem we face today as monetary policy could never keep up with fiscal, and politicians are content on raising taxes until the people have nothing left.
In America, we saw it happen this past year with the Inflation Reduction Act, Ukraine Aid, migrant funding, and countless spending packages. Everyone, be it lower or middle class, saw their taxes drastically rise. Yes, the promise was not to raise taxes on anyone earning under $400,000 annually – guess what? Governments lie.
The mere concept that individuals could finance government spending is absurd. They can raise taxes to 100% and it would still not be enough to crawl out of the sovereign debt crisis.
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